Full Press Release Details
CorMedix Inc. Announces $10 Million Underwritten Public
Bedminster, NJ April 27, 2017 CorMedix Inc.
(NYSE MKT: 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 entered into an
underwriting agreement with H.C. Wainwright & Co., LLC (the
Underwriter ), as sole-book running manager, under
which the Underwriter has agreed to purchase on a firm commitment
basis a minimum of 13,333,333 shares of common stock of the
Company, together with two tranches of warrants to purchase a
minimum 19,999,998 shares of common stock of the Company, at a
price to the public of $0.75 per share and accompanying
aggregate gross proceeds to the Company (assuming no exercise of
the warrants) are $10 million, before deducting underwriting
discounts and commissions and estimated offering expenses. All
shares of common stock issued in connection with this offering will
be listed on the NYSE MKT and will be freely tradable on such
Wainwright & Co. is acting as the sole book-running manager for
Tranche 1 Warrant will have an exercise price of $1.05 per share of
common stock, will become exercisable on any day on or after the
date that we publicly announce through the filing of a Current
Report on Form 8-K that the amendment to our Amended and Restated
Certificate of Incorporation to increase the number of authorized
shares of common stock has been approved by our stockholders and
has become effective (the Exercisable Date ), and will
expire five years following the Exercisable Date. Each Tranche 2
Warrant will have an exercise price of $0.75 per share of common
stock, will become exercisable on the Exercisable Date and will
expire thirteen months following the Exercisable Date.
Company has granted to the Underwriter a 30-day option to purchase
up to an additional 1,999,999 shares of common stock and/or
warrants to purchase 2,999,998 shares of common stock of the
Company, for potentially additional aggregate gross proceeds to the
Company of up to approximately $11.5 million (assuming no exercise
of the warrants) before deducting underwriting discounts and
commissions and estimated offering expenses.
closing of the offering is expected to occur on or about May 3,
2017, subject to customary closing conditions. The Company intends
to use the net proceeds of the offering for general corporate purposes, including the
development of Neutrolin, specifically the LOCK-IT-100 and
LOCK-IT-200 clinical trials,
and working capital and capital expenditures.
press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The securities described above are being
offered by the Company pursuant to a shelf
registration statement, including a base prospectus, which was
previously filed with and declared effective by the Securities and
Exchange Commission (the SEC ) on April 17, 2015. The
offering may be made only by means of a prospectus supplement and
the accompanying prospectus. A preliminary prospectus supplement
and the accompanying prospectus related to the offering will be
filed with the SEC and once filed, copies can be obtained by
contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, New
York, NY 10022, by calling 646-975-6996 or by email at placements@hcwco.com or at the
SEC's website at http://www.sec.gov.
Inc. is a biopharmaceutical company focused on developing and
commercializing therapeutic products for the prevention and
treatment of infectious and inflammatory disease. 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. Neutrolin is currently in a Phase 3
clinical trial in patients undergoing chronic hemodialysis via a
central venous catheter. The Company is planning to conduct its
second Phase 3 clinical trial in patients with cancer receiving IV
parenteral nutrition, chemotherapy and hydration via a chronic
central venous catheter, subject to sufficient resources. Neutrolin
has FDA Fast Track status and is designated as a Qualified
Infectious Disease Product. It is already a CE Marked product in
Europe and other territories.
Forward-Looking Statements
press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve significant risks and uncertainties about
CorMedix, including but not limited to statements with respect to
CorMedix's plans to consummate its proposed underwritten
offering of common stock and warrants and the use of proceeds.
CorMedix may use words such as
anticipate, estimate,
intends, plans, believes
and words and terms of similar substance to identify such
forward-looking statements. Among the important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are risks relating to, among other
things, whether or not CorMedix will be able to raise capital, the
final terms of the underwritten offering of common stock and
warrants, market and other conditions, the satisfaction of
customary closing conditions related to the underwritten offering
of common stock and warrants, CorMedix's business and
financial condition, and the impact of general economic, industry
or political conditions in the United States or internationally.
For additional disclosure regarding these and other risks faced by
CorMedix, see disclosures contained in CorMedix's public
filings with the SEC, including the Risk Factors in
the company's Annual Report on Form 10-K for the year ended
December 31, 2016, and under the heading Risk Factors