Business
CorMedix Inc. Reports Second Quarter and Six Month 2020 Financial Results and Provides Business Update
Conference Call Scheduled for Today at 4:30 p.m. Eastern Time BERKELEY HEIGHTS, N.J., Aug. 10, 2020 (GLOBE NEWSWIRE) -- CorMedix Inc. (NYSE American: CRMD), a
About this update from Cormedix Inc.
[{"type":"text","content":"Conference Call Scheduled for Today at 4:30 p.m. Eastern Time\nBERKELEY HEIGHTS, N.J., Aug. 10, 2020 (GLOBE NEWSWIRE) -- 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 financial results for the second quarter and six months ended June 30, 2020 and provided an update on recent developments.\n Recent Corporate and Regulatory Highlights: Completed an underwritten public offering of common stock, which yielded gross proceeds of approximately $23.0 million, including the full exercise of the underwriters’ option, or greenshoe. Completed the rolling submission and review of the New Drug Application for Defencath to the FDA for the prevention of catheter related blood stream infections, or CRBSIs, in patients undergoing hemodialysis via catheter. The submission is currently been assessed by FDA for completeness and acceptance for filing. Continued to expand our efforts to prepare for the commercial launch of Defencath. This includes ongoing dialogue with payors and providers, ongoing market research, and involvement with key advocacy organizations focused on kidney care. Cash and short-term investments, excluding restricted cash, at June 30, 2020 amounted to $22.4 million. Pro forma cash, including cash on the balance sheet at June 30, 2020 and the net proceeds from the recent financing, is approximately $43.9 million. Khoso Baluch, CorMedix CEO commented, “We have made significant progress on our goal of bringing Defencath to the U.S. market as a catheter lock solution for hemodialysis. We were pleased to announce the completion of our rolling submission for Defencath last month and look forward to providing updates on the acceptance for filing from FDA. Despite the turbulence in the markets, we were excited to complete an institutional financing and broaden our investment banking relationships while doing so. We also are making necessary preparations for the launch of Defencath in the U.S. hemodialysis market, following FDA approval. We believe we have the team, the focus, and a therapy that will meaningfully improve patient outcomes and are excited about the opportunities in front of us.” Second Quarter and Six Month 2020 Financial Highlights For the second quarter ...