Business
CorMedix Inc. Reports Second Quarter and Six Month 2021 Financial Results and Provides Business Update
Conference Call Scheduled for Today at 4:30 p.m. Eastern Time BERKELEY HEIGHTS, N.J., Aug. 12, 2021 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: 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. 12, 2021 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: 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, 2021 and provided an update on recent developments. Recent Business Highlights: CorMedix remains focused in its efforts to resolve the deficiencies sent to the third-party manufacturer in the Post-Application Action Letter and remains on schedule to re-submit the DefenCath™ New Drug Application in the fourth quarter of 2021.CorMedix received approximately $1.3 million in net proceeds upon the closing of the sale of tax benefits pursuant to the New Jersey Technology Business Tax Certificate Transfer (NOL) program.CorMedix has approximately $78.3 million in cash on hand and short-term investments as of June 30; we believe this is sufficient to fund operations at least through 2022. Khoso Baluch, CorMedix CEO commented, “We are pleased with the progress we are making as we address the deficiencies identified by FDA at the third-party manufacturing facility. We remain confident in our efforts to bring DefenCath to hemodialysis patients as an important novel antimicrobial catheter lock solution to reduce catheter related blood stream infections in patients receiving hemodialysis via central venous catheters.” Second Quarter and Six Month 2021 Financial Highlights For the second quarter 2021, CorMedix recorded a net loss of $4.6 million, or $0.12 per share, compared with a net loss of $3.8 million, or $0.14 per share, in the second quarter of 2020. The higher net loss recognized in 2021 compared with 2020 was due to increased personnel expenses and a lower tax benefit from the NJ NOL program, partially offset by raw materials purchased during 2Q of 2020. We recorded an increase in SG&A and a decrease in R&D expenses. We recognized a tax benefit of $1.3 million in 2021 from the sale of our NJ Net Operating Losses compared with a $5.2 million benefit recorded in 2020. Operating expenses in the second quarter of 2021 decreased approximately 34% to $5.9 million, compared with $8.9 million in the second quarter of 2020. R&D expense decreased app...