CorMedix Inc. Announces Proposed Public Offering of Common Stock and Pre-Funded Warrants
28 Junho 2023 - 5:07PM
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 that it intends to offer and sell
shares of its common stock, and in lieu of common stock to certain
investors that so chose, pre-funded warrants to purchase shares of
its common stock, in an underwritten public offering. All of the
shares and pre-funded warrants to be sold in the offering will be
offered by CorMedix. In addition, CorMedix intends to grant the
underwriters a 30-day option to purchase up to an additional 15% of
shares of its common stock offered in the public offering
(including shares underlying the pre-funded warrants), at the
public offering price, less underwriting discounts and commissions.
The offering is subject to market conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
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 proposed 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.
The securities will be offered only by means of
a prospectus supplement and accompanying prospectus relating to the
offering that form a part of the registration statement. A
preliminary prospectus supplement and the accompanying prospectus
relating to and describing the terms of the offering will be filed
with the SEC and will be available on the SEC’s website
at http://www.sec.gov. Copies of the preliminary prospectus
supplement and accompanying base prospectus relating to the
offering, as well as copies of the final prospectus supplement,
when available, may be obtained from RBC Capital Markets, LLC,
Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New
York, NY 10281, by telephone at (877) 822-4089, or by email at
equityprospectus@rbccm.com; Truist Securities, Inc., Attention:
Prospectus Department, 3333 Peachtree Road NE, 9th floor, Atlanta,
Georgia 30326, by telephone at (800) 685-4786, or by email at
TruistSecurities.prospectus@Truist.com; or JMP Securities LLC,
Attention: Prospectus Department, 600 Montgomery Street, Suite
1100, San Francisco, California 94111, by telephone at (415)
835-8985, or by e-mail at syndicate@jmpsecurities.com.
This press release shall not constitute
an offer to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About CorMedix Inc.
CorMedix Inc. is a biopharmaceutical company
focused on developing and commercializing therapeutic products for
the prevention and treatment of life-threatening conditions and
diseases. The Company is focused on developing its lead product
DefenCath™, a novel, non-antibiotic antimicrobial and antifungal
solution designed to prevent costly and life-threatening
bloodstream infections associated with the use of central venous
catheters in patients undergoing chronic hemodialysis. DefenCath
has been designated by FDA as Fast Track and as a Qualified
Infectious Disease Product (QIDP), and the original New Drug
Application (NDA) received priority review in recognition of its
potential to address an unmet medical need. QIDP provides for an
additional five years of marketing exclusivity, which will be added
to the five years granted to a New Chemical Entity upon approval of
the NDA. CorMedix also committed to conducting a clinical study in
pediatric patients using a central venous catheter for hemodialysis
when the NDA is approved, which will add an additional six months
of marketing exclusivity when the study is completed. CorMedix
received a second Complete Response Letter from the FDA last August
related to deficiencies at both its primary contract manufacturer
and its supplier of heparin API. After receiving guidance from FDA
at a Type A meeting in April of 2023, the NDA for DefenCath was
resubmitted. In June of 2023, the NDA was accepted for filing by
the FDA. CorMedix also intends to develop DefenCath as a catheter
lock solution for use in other patient populations, and the company
is working with top-tier researchers to develop taurolidine-based
therapies for rare pediatric cancers. For more information visit:
www.cormedix.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that are subject to risks and uncertainties. All
statements, other than statements of historical facts, regarding
management’s expectations, beliefs, goals, plans or CorMedix’s
prospects, including, but not limited to, statements regarding the
offer and sale of common stock, the terms of the offering, the
expected use of proceeds, CorMedix’s future financial position,
financing plans, future revenues, projected costs and the
sufficiency of our cash and short-term investment to fund our
operations are forward-looking statements reflecting the current
beliefs and expectations of management should be considered
forward-looking. Readers are cautioned that actual results may
differ materially from projections or estimates due to a variety of
important factors, including: the risks and uncertainties related
to market conditions; satisfaction of customary closing conditions
related to the offering; and as risks and uncertainties set forth
in CorMedix’s Annual Report on Form 10-K for the year ended
December 31, 2022, and the preliminary prospectus supplement
related to the proposed public offering and subsequent filings with
the SEC. These and other risks are described in greater detail in
CorMedix’s filings with the SEC, copies of which are available free
of charge at the SEC’s website at www.sec.gov or upon request from
CorMedix. CorMedix may not actually achieve the goals or plans
described in its forward-looking statements, and investors should
not place undue reliance on these statements. CorMedix assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law.
Investor Contact:Dan FerryManaging
DirectorLifeSci Advisors(617) 430-7576
CorMedix (NASDAQ:CRMD)
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