Full Press Release Details
Cormedix Appoints Paulo Costa to its
Seasoned industry veteran with decades
of strategic and commercial leadership experience in the pharmaceutical sector
Berkeley Heights, NJ - September 17, 2020 - CorMedix
Inc. (NYSE American: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the
prevention and treatment of infectious and inflammatory disease, today announced the appointment of Paulo F. Costa to its Board
"We are excited to welcome Paulo to the CorMedix Board,"
said Khoso Baluch, Chief Executive Officer of Cormedix. "Paulo will be a tremendous asset to our Board given his decades
of leadership experience in the pharmaceutical sector and significant strategic experience gained in part during his time spent
as Chairman of Amylin Pharmaceuticals through its successful sale to BMS and AstraZeneca. His experience at all levels of the business
will prove invaluable as CorMedix progresses to the next stage of its evolution."
Paulo, an industry veteran with years of senior leadership experience
at Johnson & Johnson and Novartis, noted, "After reviewing CorMedix's business and the commercial prospects for
Defencath in the hemodialysis setting, I am pleased to join the company's Board of Directors. Given the upcoming PDUFA date,
I believe that CorMedix will succeed in its goal of bringing Defencath to patients and changing the standard of care in this sizable
and growing patient population."
Paulo currently serves as Chairman of the Board of MacroGenics,
a public late stage biopharma company focused on oncology. In addition, he served as Chairman of Amylin Pharmaceuticals, a commercial
stage biopharma company, until its sale to Bristol-Myers Squibb and AstraZeneca in a $7 billion transaction in 2012.
Prior to his retirement, Paulo served in senior leadership roles
at Novartis, including President and CEO of Novartis US Corporation from 2005 to 2008 and President and CEO of Novartis Pharmaceutica
US and Head of Americas from 1999 to 2005. Prior to joining Novartis, Paulo spent 30 years at Johnson & Johnson including as
President of Janssen Pharmaceutica, Inc.
During the course of his career, Paulo helped launch and grow
a broad range of primary and specialty care products and has built and shaped pharmaceutical sales forces globally.
Paulo received his undergraduate degree from S o Paulo
School of Business Administration and earned a masters degree in business administration from Harvard Business School.
CorMedix Inc. is a biopharmaceutical company
focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory
diseases. The Company is focused on developing its lead product Defencath , a novel, antibacterial and antifungal solution
designed to prevent costly and life-threatening bloodstream infections associated with the use of central venous catheters in patients
undergoing chronic hemodialysis. Defencath's NDA has been filed and accepted for priority review with a PDUFA date of February
28, 2021. Defencath has been designated by FDA as Fast Track and as a Qualified Infectious Disease Product, which provides an additional
five years of marketing exclusivity, which will be added to the five years granted to a New Chemical Entity upon approval of the
NDA. CorMedix also intends to develop Defencath as a catheter lock solution for use in oncology and total parenteral nutrition
patients. It is leveraging its taurolidine technology to develop a pipeline of antimicrobial medical devices, with programs in
surgical sutures and meshes, and topical hydrogels. The Company is also working with top-tier researchers to develop taurolidine-based
therapies for rare pediatric cancers. Neutrolin is CE Marked and marketed in Europe and other territories as a medical
device. For more information, visit: www.cormedix.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties.
All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or
CorMedix's prospects, future financial position, financing plans, future revenues and projected costs should be considered
forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety
of important factors, including: the results of our discussions with the FDA regarding the Defencath development path, including
whether a second Phase 3 clinical trial will be required for approval of Defencath's marketing approval; the resources needed
to secure approval of the new drug application for Defencath from the FDA; the risks and uncertainties associated with CorMedix's
ability to manage its limited cash resources and the impact on current, planned or future research, including the continued development
of Defencath/Neutrolin and research for additional uses for taurolidine; obtaining additional financing to support CorMedix's
research and development and clinical activities and operations; preclinical results are not indicative of success in clinical
trials and might not be replicated in any subsequent studies or trials; and the ability to retain and hire necessary personnel
to staff our operations appropriately. At this time, we are unable to assess whether, and to what extent, the uncertainty surrounding
the Coronavirus pandemic may impact our business and operations. These and other risks are described in greater detail in CorMedix's
filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from
CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and investors should
not place undue reliance on these statements. CorMedix assumes no obligation and does not intend to update these forward-looking
statements, except as required by law.