POLYMEDIX SECURES $10 MILLION EQUITY LINE FACILITY WITH DUTCHESS EQUITY FUND, LP

PolyMedix to Receive up to $10.0 Million Over Three Years

Radnor, PA (May 20, 2009) - PolyMedix, Inc. (OTC BB: PYMX), an emerging biotechnology company developing acute care products for infectious diseases and acute cardiovascular disorders, has entered into an agreement with Dutchess Equity Fund, LP for up to $10 million of financing through an equity line facility. In accordance with the terms of the agreement, Dutchess has committed to purchase up to $10,000,000 of the Company's common stock over thirty-six months. While the per share price will be determined based on market prices in accordance with an agreed formula, the company will set its minimum acceptable per share price for each draw, and a maximum of 12 million shares may be issued under the facility. In connection with the establishment of the equity line, the Company has agreed to file a registration statement with the U.S. Securities and Exchange Commission to register the resale by Dutchess of any shares issued to it under the equity line. Subject to the effectiveness of the registration statement and the satisfaction of other customary conditions, PolyMedix may draw on the facility from time to time, as and when it determines appropriate, in accordance with the timing and volume provisions set forth in the agreement.

“This financing allows PolyMedix to opportunistically sell up to $10 million of common stock over the next three years,” said Nicholas Landekic, PolyMedix President and CEO. “The structure of our agreement provides PolyMedix the option to sell and obligates Dutchess to purchase common stock at a 5% discount to a calculated volume weighted average market price. After giving consideration to the operating milestones planned for the next few years along with the relatively low cost of capital and flexibility of this financing arrangement, we believe that this equity line facility will be a beneficial complement to financing PolyMedix’s progress, while permitting us to avoid unnecessary dilution and enhance long-term stockholder value.”

About Dutchess Equity

Dutchess Equity is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Dutchess manages a portfolio of private investments in public equities. Founded in 1996, Dutchess has since transacted in excess of $1 billion in financing for public companies. These companies span a wide array of industries including telecom, VIOP, wireless communications, healthcare, biotechnology, medical devices, Internet, e-commerce, media, oil and gas, defense, homeland security, consumer products, manufacturing and alternative energy. With offices in Boston, Mass. and LaGrangeville, NY, Dutchess has assisted companies throughout North America.