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PYMXQ > SEC Filings for PYMXQ > Form 8-K on 1-Apr-2013All Recent SEC Filings

Show all filings for POLYMEDIX, INC | Request a Trial to NEW EDGAR Online Pro



Bankruptcy or Receivership, Triggering Events That Accelerate or Increase a Direct

Item 1.03 Bankruptcy or Receivership.

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.

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

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.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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.

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