CORMEDIX APPROVed TO SELL $5.5 Million OF NOL Tax Benefits Through The New Jersey Economic Development Authority PROGRAM Berkeley Heights, NJ

APPROVed TO SELL $5.5 Million OF NOL Tax Benefits Through

The New Jersey Economic Development Authority PROGRAM

Berkeley Heights, NJ - February

3, 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 that it has been

approved by the New Jersey Economic Development Authority (NJEDA) to transfer approximately $5.5 million of the total $6.0 million

of its available tax benefits to an unrelated, profitable New Jersey corporation pursuant to the Company's application to

participate in the New Jersey Technology Business Tax Certificate Transfer (NOL) program for State Fiscal Year 2019. The Company

anticipates receiving approximately $5.2 million in cash proceeds from the sale of its NOLs during the first quarter of 2020. Closing

is subject to NJEDA's typical closing conditions, which are in process.

pleased to receive a significant allocation from this program for the second consecutive year," said Khoso Baluch, CorMedix

President & CEO. "The funding will help us make preparations for an anticipated commercial launch of Neutrolin in

the U.S. market. The Company is planning for a potential approval of a new drug application for Neutrolin during the second half

Technology Business Tax Certificate Transfer (NOL) program enables qualified, unprofitable NJ-based technology or biotechnology

companies with fewer than 225 U.S. employees (including parent company and all subsidiaries) to sell a percentage of net operating

losses and research and development (R&D) tax credits to unrelated profitable corporations. NOLs and R&D tax credits may

be sold for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business. This allows qualifying

technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund growth and operations,

including research and development or other allowable expenditures. CorMedix is one of 46 emerging companies to share in approximately

$60 million of tax credit transfers approved by NJEDA in December 2019.

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 Neutrolin , a novel,

non-antibiotic antimicrobial solution designed to prevent costly and dangerous bloodstream infections associated with the use of

central venous catheters. The Company completed a Phase 3 clinical trial of Neutrolin in patients undergoing hemodialysis for end-stage

renal disease, which showed a 71% reduction in catheter-related bloodstream infections (CRBSIs) relative to the heparin control

arm (p=0.0006) with a good safety profile. CRBSIs cost the U.S. healthcare system approximately $6 billion annually and contribute

significantly to increased morbidity and mortality. Neutrolin has Fast Track designation from FDA, which provides the potential

for priority review of a marketing application, and Qualified Infectious Disease Product designation, which allows for 5 additional

years of marketing exclusivity when approved for commercial distribution by FDA. Neutrolin is CE Marked and commercially distributed

as a medical device in Europe and other territories. In parallel, CorMedix is leveraging its taurolidine technology to develop

a pipeline of antimicrobial medical devices, with active 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.

For more information, visit: www.cormedix.com.

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 information, costs and time needed to submit to the FDA a new drug

application for Neutrolin in adult hemodialysis; risks related to the timing of and our ability to obtain FDA approval of

the new drug application for Neutrolin; relying on preclinical results that may not be indicative of success in clinical trials

and might not be replicated in any subsequent studies or trials; the risks and uncertainties associated with research for additional

uses for taurolidine; 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 Neutrolin and research for additional

uses for taurolidine; obtaining additional financing to support CorMedix's research and development and clinical activities

and operations; and the ability to retain and hire necessary personnel to staff our operations appropriately. 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.