CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company devoted to developing cutting-edge treatments to battle dangerous diseases and conditions, recently announced the pricing of an underwritten public offering of 7.5 million shares of its common stock at a public offering price of $4.00 per share – plus 2.5 million pre-funded warrants – allowing investors to purchase CorMedix shares at a discounted price. The total gross proceeds from the offering for the Company come to a whopping $40 million.
On top of that, CorMedix has granted the underwriters a 30-day option to purchase up to an additional 1.5 million shares of its common stock. The closing of the offering is expected to take place on or around July 3, 2023 if all closing conditions are met. RBC Capital Markets, Truist Securities and JMP Securities, a Citizens Company, are acting as book-running managers for this offering. CorMedix will be utilizing the net proceeds from the offering for general corporate purposes, research and development, working capital, commercialization efforts, and general expenditures.
Invest in CorMedix now! Our shelf registration statement on Form S-3 (File No. 333-258756) is now declared effective by the Securities and Exchange Commission (SEC), giving you the opportunity to benefit from our offering. Make sure you read the accompanying prospectus, which includes the preliminary prospectus supplement and other documents filed with the SEC, to know more about CorMedix and the offering before investing. To get copies of the prospectus supplement and the base prospectus, contact RBC Capital Markets, LLC.
About CorMedix Inc.
CorMedix is a biopharmaceutical firm determined to develop and commercialize drugs to treat severe ailments. Their primary product is DefenCath™, which is an innovative, non-antibiotic antifungal and antimicrobial remedy meant to avoid deadly bloodstream infections generated by the use of central venous catheters in hemodialysis patients.
This product was granted a Fast Track status and QIDP (Qualified Infectious Disease Product) by FDA, which brings five years of marketing exclusivity plus a bonus six-month exclusivity if a clinical trial with pediatric patients is undertaken when the NDA is approved. In 2023, CorMedix’s resubmitted NDA was accepted and the company is also developing DefenCath for other patient populations as well as therapies founded on taurolidine for uncommon pediatric cancers.
CorMedix is introducing a public offering to help fund the company’s future prospects. Investors should be aware that the success of this offering and the expected net proceeds, closing date, and use of proceeds will depend on a variety of factors, including the satisfaction of customary closing conditions and market conditions. Investors should also review CorMedix’s current Annual Report on Form 10-K for the year ended December 31, 2022, and the preliminary prospectus supplement related to the public offering before investing.