Full Press Release Details
CorMedix Inc. Announces Changes to Board of Directors
Bedminster, NJ June 12, 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 will make certain changes to the composition of its Board
of Directors over the next several weeks. These changes result from a constructive dialogue
among the board, management and interested shareholders who have
expressed dissatisfaction with a number of areas, including the
recent financing. The changes are intended to help ensure the
long-term success of the Company.
immediately, Cora Tellez has resigned her position as Board Chair
and as a member of the Board. Ms. Tellez joined the Board in April
2014, and was elected Chair in May 2014. In addition, the Company
announced that Michael George has agreed to resign his position as
a member of the Board, to be effective as of the date on which the
Board appoints the two new members who will backfill Ms.
Tellez's resignation and the contemplated resignation of Mr.
George, respectively. Mr. George has served as a Director for
CorMedix since February 2014.
Baluch, CorMedix Chief Executive Officer and a member of the Board
stated, We thank Cora for her dedicated service and guidance
as our Board Chair. She provided significant insight and supported
the Company at a critical time in our history, as we entered late
stage clinical development of Neutrolin in the United States. We
respect and value Cora's desire to focus on her family and on
other personal and professional matters at this time. We also thank
Mike for his continued service and support until we appoint
additional Board members who will bring relevant expertise as we
pursue FDA approval and U.S. commercialization of
previously indicated, the Company has identified and is pursuing
outstanding candidates in its ongoing searches for two Board
candidates with recognized applicable financial and clinical
expertise with the goal of bringing this process to a successful
conclusion as quickly as possible.
Company will continue to engage in constructive dialogue with its
shareholders and remains committed to achieving a timely and
successful conclusion of the Phase III Neutrolin
CorMedix 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. Such infections cost the U.S. healthcare
system approximately $6 billion annually and contribute
significantly to increased morbidity and mortality. 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. If successful, the two pivotal studies may be
submitted to the FDA for potential approval for both patient
populations. 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
upon U.S. approval. It is already a CE Marked product in Europe and
other territories. For more information, visit: www.cormedix.com.
Forward-Looking Statements
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including with respect to possible uses of taurolidine, 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 ability to identify and attract qualified director
candidates; preclinical results are not indicative of success in
clinical trials and might not be replicated in any subsequent
studies or trials; the risks and uncertainties associated with
CorMedix's ability to manage its limited cash resources and
the impact on planned or future research, including for additional
uses for taurolidine; the cost, timing and results of the ongoing
and planned Phase 3 trials for Neutrolin in the U.S. and the
resources needed to commence and complete those trials; 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
For Investors & Media:
Tiberend Strategic Advisors, Inc.
Drumm, Ph.D.: jdrumm@tiberend.com; (212) 375-2664
McCargo: jmccargo@tiberend.com; (646) 604-5150