Business
CorMedix Inc. Announces Pricing of $40 Million Public Offering of Common Stock and Pre-Funded Warrants
BERKELEY HEIGHTS, N.J., June 28, 2023 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing
About this update from Cormedix Inc.
[{"type":"text","content":"BERKELEY HEIGHTS, N.J., June 28, 2023 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening diseases and conditions, today announced the pricing of its previously announced underwritten public offering of 7,500,000 shares of its common stock at a public offering price of $4.00 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 2,500,625 shares of its common stock at a price of $3.999 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each such pre-funded warrant. The total gross proceeds from the offering to the Company are expected to be approximately $40 million, before deducting the underwriting discounts and commissions and other offering expenses. In addition, CorMedix granted the underwriters a 30-day option to purchase up to an additional 1,500,093 shares of its common stock at the public offering price of $4.00 per share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about July 3, 2023, subject to the satisfaction of customary closing conditions. RBC Capital Markets, Truist Securities and JMP Securities, a Citizens Company, are acting as book-running managers for the offering. CorMedix intends to use the net proceeds from the public offering for general corporate purposes, commercialization efforts, research and development, and working capital and general expenditures. The securities described above are being offered by CorMedix pursuant to a shelf registration statement on Form S-3 (File No. 333-258756), which was initially filed by CorMedix with the Securities and Exchange Commission (the “SEC”) on August 12, 2021, and was declared effective by the SEC on August 20, 2021. A preliminary prospectus supplement relating to the offering was filed with the SEC on June 28, 2023 and is available on the SEC’s website at http://www.sec.gov. The final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website. Before investing in the offering, you should read each of the prospectus supplement and the ...