CorMedix Inc. Announces Pricing of $40 Million Public Offering of Common Stock and Pre-Funded Warrants
June 28 2023 - 10:57PM
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 the pricing of its previously announced
underwritten public offering of 7,500,000 shares of its common
stock at a public offering price of $4.00 per share and, in lieu of
common stock to certain investors, pre-funded warrants to purchase
up to an aggregate of 2,500,625 shares of its common stock at a
price of $3.999 per pre-funded warrant, which represents the per
share public offering price for the common stock less the $0.001
per share exercise price for each such pre-funded warrant. The
total gross proceeds from the offering to the Company are expected
to be approximately $40 million, before deducting the underwriting
discounts and commissions and other offering expenses. In addition,
CorMedix granted the underwriters a 30-day option to purchase up to
an additional 1,500,093 shares of its common stock at the public
offering price of $4.00 per share, less underwriting discounts and
commissions. The closing of the offering is expected to occur on or
about July 3, 2023, subject to the satisfaction of customary
closing conditions.
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 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.
A preliminary prospectus supplement relating to
the offering was filed with the SEC on June 28, 2023 and is
available on the SEC’s website at http://www.sec.gov. The
final prospectus supplement relating to and describing the terms of
the offering will be filed with the SEC and will be available on
the SEC’s website. Before investing in the offering, you should
read each of the prospectus supplement and the accompanying
prospectus relating to the offering in their entirety as well as
the other documents that the Company has filed with the SEC that
are incorporated by reference in the prospectus supplement and the
accompanying prospectus relating to the offering, which provide
more information about the Company and the offering. 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, the expected net proceeds
from the offering, the expected use of proceeds, the timing of the
closing of the offering, 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. 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 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
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