Surprising because they aren't exactly known for their sense of humor. If this was real, there might be reason for concern. One might even begin to doubt the revitalization plan and the guys who are in charge. I'm pretty sure it's a joke. One way or another...
On April 1, 2013, registrant, PolyMedix, Inc., and its subsidiary, PolyMedix Pharmaceuticals, Inc., filed voluntary petitions under
Chapter 7 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware, case numbers 13-10689 and 13-
10690, respectively. A trustee will be appointed to serve as the Chapter 7 trustee for the debtors' estates.
The filings of the bankruptcy petitions referenced in Item 1.03 of this report trigger an event of default under the loan and security
agreement dated April 5, 2012, as amended, by and among PolyMedix, Inc., PolyMedix Pharmaceuticals, Inc., and MidCap Financial SBIC,
LP, as administrative agent, and the lenders listed thereto from time to time. Approximately $6.8 million is due to the lenders by the registrant
and its subsidiary. Substantially all of the assets of the registrant and its subsidiary have been pledged to secure their obligations to the lenders.
On March 29, 2013, Michael E. Lewis resigned his position as a director of registrant.
On April 1, 2013, Brian Anderson resigned his position as a director of registrant.
On April 1, 2013, Edward F. Smith resigned his positions as acting president and chief executive officer, chief financial officer, and
secretary of registrant, in which he was serving as the registrant’s principal executive officer, president, principal financial officer, principal
accounting officer and principal operating officer.
Item 1.03 Bankruptcy or Receivership.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Frank, in all seriousness I am not surprised by this event. There are no words to describe how awful the management of this company has been from day one. We are victims of the pride, selfishness, incompetence, negligence, foolishness, and arrogance of everyone who worked for this company for the last decade, as well as the incredible hands off attitude of the so-called board of directors. All these rats are now leaving the ship after having been paid handsomely over the years for their mind boggling failures.