Full Press Release Details
CorMedix Inc. Appoints Mehmood Khan, M.D. and Steven Lefkowitz to
its Board of Directors
Gary Gelbfish, M.D. Appointed as Observer to the Company's
Board of Directors by Elliott Management
Bedminster, NJ June 26, 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
the appointment of Mehmood Khan, M.D., and Steven
Lefkowitz to its Board of
Directors, effective immediately. The Company also announced that
Gary Gelbfish, M.D., has been appointed by CorMedix's largest
shareholder, Elliott Management, as an observer to the
Company's Board of Directors.
Taunia Markvicka and Michael George have resigned their positions
on CorMedix's Board, effective immediately.
Baluch, CorMedix Chief Executive Officer and a member of the Board
stated, I am excited to have Dr. Khan and Mr. Lefkowitz join
the Company and to have Dr. Gelbfish as an observer to the
Board. We thank Dr. Markvicka and Mr. George for their
service to the Company and wish them well in their future
endeavors. We believe we have positioned the Company for success,
but we continue our efforts to identify candidates with relevant
expertise to supplement our restructured Board of
Company shareholder Elliott Management said We believe Dr.
Khan, Mr. Lefkowitz, and Dr. Gelbfish (as an observer) are
excellent additions to the CorMedix Board and will be able to
provide important guidance to the Company in core areas at this
critical time in its history. All CorMedix shareholders
including Elliott have been understandably frustrated by the
Company's stock price, but with these changes we support the
Board and CEO Khoso Baluch who have taken a significant step in
addressing shareholder concerns.
Mr. Baluch continued, Dr. Khan brings a wealth of
pharmaceutical and regulatory knowledge, and has extensive
experience with Board-level governance and decision making. We
believe his robust background in clinical trial management and
expertise in overseeing large, complex research and development
enterprises will be invaluable to CorMedix as we continue to
advance our lead product Neutrolin
in the ongoing Phase 3 LOCK-IT 100
trial, as well as develop our other Taurolidine-based
Dr. Khan commented, I am pleased to join the CorMedix Board
at this exciting time in the Company's development. I believe
CorMedix presents a compelling opportunity for future success in
the treatment and prevention of infectious and inflammatory
disease. I look forward to contributing to the Company's
development based on my previous work in the medical field and more
generally my experience with clinical trials and regulatory
Dr. Khan currently serves as Vice Chairman and Chief Scientific
Officer of Global Research and Development for PepsiCo, where he
leads global R&D and oversees the company's 2025
sustainability agenda, which includes plans for the further
transformation of its current food and beverage portfolio as well
as expansion of offerings containing positive nutrition with a
focus on reaching more underserved communities and consumers with
Previously, Dr. Khan served as President of Takeda
Pharmaceuticals' Global Research & Development Center,
where he created and maintained a budget in excess of $1 billion
for the company's global R&D pipeline excluding Japan,
leading a team of thousands including outsourced staff. Earlier in
his career Dr. Khan was a faculty member at the Mayo Clinic and
Mayo Medical School in Rochester, MN, serving as Director of the
Diabetes, Endocrine and Nutritional Trials Unit in the division of
endocrinology. Prior to the Mayo Clinic, Dr. Khan spent nine years
leading programs in diabetes, endocrinology, metabolism, and
nutrition for the Hennepin County Medical Center in Minneapolis.
His practice included extensive work with patients with diabetes
requiring hemodialysis as well as parenteral
In his current and prior R&D roles, Dr. Khan has recruited
highly regarded scientists and medical experts, launched research
projects with leading universities worldwide, and opened new global
R&D centers. He also currently serves as a member of the board
HemoShear Therapeutics, a biotechnology company focused on
discovering novel biological targets and developing drugs to treat
rare juvenile metabolic disorders. He earned his medical degree from the University
of Liverpool Medical School, England.
Mr. Lefkowitz is the Founder of Wade Capital Corporation a
financial advisory services company focused on small and middle
markets and has been its President since June 1990. Mr.
Lefkowitz has also served as a director of both publicly traded and
privately held companies. He has been a director of AIS, RE,
a privately held reinsurance company since 2001. Mr.
Lefkowitz was a director of Franklin Credit Management Corporation,
formerly known as Franklin Credit Holding Corporation, a public
specialty consumer finance company from 1996 through 2015, and a
director and chairman of the board of MedConx, Inc., a privately
held medical devices connector company from 2007 through
2015. Mr. Lefkowitz received his A.B. from Dartmouth College
in 1977 and his M.B.A. from Columbia University in
Mr. Lefkowitz returns to the board of CorMedix where, as a director
from August 2011 to June 2016, he brought his extensive experience
in financing micro-cap biotech companies and helped the Company
successfully complete multiple capital raises. He served as
the interim Chief Financial Officer of CorMedix from August
15, 2013 to July 20, 2014.
Mr. Lefkowitz said, I'm excited to return to the Board
of Directors of CorMedix. I intend to bring my prior experience as
a CorMedix board member, in addition to my 30 years of corporate
finance experience, including investment banking, private equity