Full Press Release Details
CORMEDIX CONFIRMS PREVIOUSLY ANNOUNCED ONE-FOR-FIVE REVERSE STOCK
Berkeley Heights, NJ March 25, 2019 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
confirmed that the previously announced one-for-five reverse
stock split of the Company's common stock, par value $0.001,
will be effective at 9:00 am Eastern Time tomorrow, March 26. The
Company's common stock will trade on the NYSE American on a
split-adjusted basis under a new CUSIP number, 21900C308, beginning
Baluch, CorMedix CEO commented, We are implementing the
reverse stock split as planned so that we have flexibility to take
advantage of future investment opportunities, to possibly attract
more institutional interest into our stock, and given our need to
have available unissued shares to reserve for past transactions. As
our current cash position is expected to finance the Company into
the second quarter of 2020, we believe it is a good time to move
reverse stock split will affect all stockholders uniformly and will
not alter any stockholder's percentage ownership interest in
the Company, except to the extent that the reverse stock split
results in any of the Company's stockholders owning a
fractional share as described below.
reverse stock split will reduce the number of shares of common
stock issued and outstanding from approximately 119.0 million to
approximately 23.8 million. No fractional shares will be issued in
connection with the reverse stock split. Each stockholder who would
otherwise be entitled to receive a fraction of a share of the
Company's common stock will instead receive one whole share
the effective date of the reverse stock split, the number of shares
of common stock available for issuance under the Company's
equity incentive plans and issuable upon the exercise of stock
options, warrants and preferred stock outstanding immediately prior
to the reverse split will be proportionately affected by the
reverse stock split. The exercise prices of the Company's
outstanding options and warrants, and the conversion price of its
outstanding preferred stock will be adjusted in accordance with
their respective terms.
will be no change to the number of authorized shares or the par
Transfer, LLC is acting as the exchange agent for the reverse stock
split. VStock will provide instructions to stockholders with
physical certificates regarding the process for exchanging their
pre-split stock certificates for post-split stock
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 Neutrolin , a novel,
non-antibiotic antimicrobial solution designed to prevent costly
and dangerous bloodstream infections associated with the use of
central venous catheters, currently in Phase 3 development for
patients undergoing chronic hemodialysis. Such infections cost the
U.S. healthcare system approximately $6 billion annually and
contribute significantly to increased morbidity and mortality.
Neutrolin has FDA Fast Track status and is designated as a
Qualified Infectious Disease Product, which provides the potential
for priority review of a marketing application by FDA and
allows for 5 additional years of QIDP market exclusivity in the
event of U.S. approval. Neutrolin is already marketed as a CE
Marked product 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.
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: risks relating to the effectiveness of the
reverse stock split; risks relating to the effect of the reverse
stock split on the Company's stock price and its overall
market capitalization; the resources
needed to terminate the Phase 3 trial and the costs and time needed
to submit a new drug application to 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 Neutrolin
and research for additional uses for taurolidine; obtaining
additional financing to support CorMedix's research and
development and clinical activities and operations; risks related
to obtaining 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; 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