Ever since PolyMedix, Inc. (OTC:PYMX) published its third quarterly report for 2011, it has been following a steady upward trend on the stock market.
Last Friday, PYMX stock lost $0.77% in value, closing the session at $0.645 per share. Shifting more than 177 thousand shares, PYMX ended up being the ninth most heavily traded penny stock according to the recently established Jags Report. The latter put PYMX on the shortlist of OTC/BB Volume Leaders for Sunday, Nov. 20. Too bad that no trade whatsoever takes place on Sundays.
According to the company’s latest 8-K form dated Nov 15, PYMX’s phase 2 clinical study of the safety and efficacy of its PMX-30063 product candidate has now been joined by 80 patients. Since the first interim results will not be released until a couple of weeks from now, this piece of news had limited impact on the price of PYMX shares.
PYMX’s third quarterly report showed that the company’s balance sheet as of Sep. 30, 2011 consists of:
- $23.2 million in cash;
- working capital surplus of $20 million and total net worth of $11.9 million;
- $387K in revenue vs. $484K in Q3 2010;
- quarterly net loss of $4.1 million as opposed to $3.95 million incurred in the same quarter last year.
In spite of the company’s negative financial result, it seems to have stable financial backup. Thus, PYMX can easily proceed with its clinical studies without worrying about financial issues. At the same time, however, any other delay will cast a shadow over the company’s potential to come up with a competitive product.
