Full Press Release Details
CorMedix Inc. Announces Common Stock Purchase by Company Directors
and Executive Management Team
Berkeley Heights, NJ November 20, 2017
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 a common stock transaction of 624,246
shares at a per share purchase price of $0.48 to members of the
Company's Board of Directors, the executive management team
and certain employees, as previously announced in association with
the recent preferred stock and backstop financing from a long term
institutional investor. Gross proceeds from the offering are
expected to be approximately $300,000, which will apply against the
Backstop Agreement and reduce the total warrants issuable to the
Baluch, President & CEO stated, The unanimous
participation by the Company's board of directors and
executive management team, all of whom were already shareholders of
the Company prior to the financing, underscores our shared
confidence in the Company's future prospects and fulfills our
commitment to invest new money alongside the institutional investor
in the previously announced preferred stock and backstop financing
through a common stock structure without a reset
common stock transaction will reduce the number of shares issuable
under the warrants that were issued to the preferred stock investor
on November 16, 2017, pursuant to a Backstop Agreement, dated
November 9, 2017, between the investor and the Company, which was
reported in a Current Report on Form 8-K filed on November 13,
2017. The number of warrants the investor is to receive will be
reduced proportionately to reductions in the backstop commitment
prior to December 24.
common stock was 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. No placement agent or underwriter was involved
in the offering. CorMedix intends to use the net proceeds of the
offering for general corporate purposes, working capital and
capital expenditures, including its ongoing Phase 3 LOCK-IT 100
clinical study of Neutrolin . The Company currently
anticipates that closing of the sale of the common stock will take
place on or about November 21, 2017, subject to the satisfaction of
customary closing conditions.
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 a Phase 3 clinical trial
enrolling 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:
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 risk of closing the financing transaction;the
possible inability to capture sufficient CRBSI events in the
ongoing Phase 3 clinical trial for Neutrolin even with the
reported changes to that trial; 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; 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;
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. 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:
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Drumm, Ph.D.: jdrumm@tiberend.com; (212)
McCargo: jmccargo@tiberend.com;