Business
CorMedix Inc. Reports Second Quarter and Six Month 2023 Financial Results and Provides Business Update
Conference Call Scheduled for Today at 8:30 a.m. Eastern Time BERKELEY HEIGHTS, N.J., Aug. 08, 2023 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a
About this update from Cormedix Inc.
[{"type":"text","content":"Conference Call Scheduled for Today at 8:30 a.m. Eastern Time\nBERKELEY HEIGHTS, N.J., Aug. 08, 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 financial results for the second quarter and six months ended June 30, 2023 and provided an update on recent business events. Recent Corporate Highlights: CorMedix’s DefenCath NDA was accepted for filing by the U.S. Food and Drug Administration (FDA) and was assigned a Prescription Drug User Fee Act (PDUFA) target action date of November 15, 2023.CorMedix announced a first-of-kind strategic initiative with Boston Medical Center to enhance patient safety and reduce health disparities in structurally marginalized populations at risk for catheter-related bloodstream infections (CRBSIs) while undergoing dialysis. In the initial stages of the strategic alliance, the parties will assess the incidence and scope of CRBSIs, CRBSI-related readmissions, and other information.Center for Medicare and Medicaid Services has finalized its Inpatient Prospective Payment System 2024 rule that included a New Technology Add-On Payment (NTAP) of up to $17,111 per hospital stay for reimbursement of DefenCath if approved by FDA.CorMedix completed an equity offering in July 2023 which generated net proceeds of approximately $43.2 million. This includes a full exercise of the over-allotment option which yielded gross proceeds of approximately $6.0 million.Cash and short-term investments, excluding restricted cash, at June 30, 2023 amounted to $52.4 million, and including net proceeds from the equity offering that closed in July 2023, pro forma cash and short-term investments of approximately $95 million. Joe Todisco, CorMedix CEO, commented, “we are pleased with the progress that we have made toward our goal of achieving a potential FDA approval of DefenCath later this year. With the recent financing completed, we believe CorMedix is in a strong financial position and we are heavily focused on operational execution and commercial preparedness ahead of our target action date in November. We look forward to providing updates as we aim to deliver on our commitment to reducing the risk of infections in patients receiving hemodia...