Business
CorMedix Inc. Reports Second Quarter and Six Month 2024 Financial Results and Provides Business Update
Conference Call Scheduled for Today at 8:30 a.m. Eastern Time BERKELEY HEIGHTS, N.J., Aug. 14, 2024 (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. 14, 2024 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announced financial results for the second quarter and six months ended June 30, 2024 and provided an update on its business. Recent Corporate Highlights: CorMedix today reports our initial partial quarter of sales since DefenCath’s inpatient launch on April 15th. The Company reported net sales of $0.8 million for the second quarter, which primarily represents trade stocking for inpatient facilities. The company has started to see pull-through of units to inpatient facilities in the third quarter, and expects that pace to accelerate over the coming months as DefenCath begins to obtain formulary clearance following health system P&T reviews.In early July 2024, CorMedix launched DefenCath in the outpatient setting. The Company today reports unaudited quarter-to-date net sales of $5.2 million, as of August 13th. Initial sales in the outpatient setting have been driven by orders from small and mid-size dialysis operators, and the company has verified pull-through to the clinic level for more than 95% of these shipments.CorMedix continues discussions with dialysis providers across the spectrum for the implementation of DefenCath and the Company remains optimistic regarding additional commercial supply agreements as the launch proceeds.CorMedix announced last quarter that the Company received supportive feedback from FDA related to our proposed clinical pathway for adult Total Parenteral Nutrition, or TPN, subject to the agency’s review of our final study protocol. CorMedix has submitted the study protocol to FDA and anticipates commencing patient enrollment in the first quarter of 2025.Cash and short-term investments, excluding restricted cash, at June 30, 2024 amounted to $45.6 million. Joe Todisco, CorMedix CEO, commented, “I am excited about the Company’s recent progress as we have now launched DefenCath in both the inpatient and outpatient settings. I’m very pleased with the early revenue trajectory from our outpatient launch, as well as the progress we are making on the inpatient P&T formulary process. We have also set the stage for expande...