CorMedix Reports Third Quarter 2010 Results And Provides Business Update
CorMedix Inc. (“CorMedix”) (NYSE Amex: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of Cardiorenal disease, today announced its results for the quarter ended September 30, 2010.
Third Quarter 2010 Highlights and Business Update:
- Appointment of Two Key Positions: Dr. Robert D. Hopkins as Head of Clinical Operations and Project Management and Mr. Dilip Wadgaonkar Head of Product Development and Manufacturing.
- Continued to Advance Patient Enrollment in Phase II Deferiprone CRMD001 for Prevention of Contrast Induced Nephropathy – 3 rd Most Common Cause of Hospital Acquired Renal Insufficiency
- Entered Final Stages of Manufacturing Scale-up of Neutrolin® for the Prevention of Catheter Related Bloodstream Infection (CRBI) and Maintenance of Catheter Function in Hemodialysis Patients – A Significant Unmet Medical Need for Dialysis Patients
- Expected Investigational Device Exemption Submission to FDA by Year End 2010 for Neutrolin®
- Awarded two Federal Grants totaling $488,959 from the Qualifying Therapeutic Discovery Project Program
Financial Results for the Three and Nine-Month Periods Ended September 30, 2010
The net loss for the three months ended September 30, 2010 was $1.4 million, or $0.12 per diluted share, compared to a net loss of $1.2 million, or $1.47 per diluted share, for the third quarter in 2009. The increased net loss over the comparable periods was the result of an increase of $0.6 million in total operating expenses which was offset by a decrease of $0.4 million in interest expense. The increase in total operating expenses ($1.4 million in the third quarter of 2010 compared to $0.8 million in the third quarter of 2009) consisted of an increase of $0.3 million in research and development (“R&D”) expense and an increase of $0.3 million in general and administrative (“G&A”) expense. The increase in R&D expense during the third quarter of 2010 compared to the third quarter of 2009 was attributable to clinical development costs associated with CorMedix’s Phase II clinical trial of CRMD001, which commenced in June 2010, higher manufacturing costs for CRMD003 in connection with CorMedix’s preparation for an Investigational Device Exemption submission by the end of 2010 and stock-based compensation expense related to a portion of the options granted to employees in connection with CorMedix’s IPO in March 2010. The increase in G&A expense over the same periods was primarily due to higher stock-based compensation expense related to a portion of the options granted to employees and directors in connection with the IPO and the increased costs of operating as a publicly-traded company following the IPO. The decrease in interest expense ($0 in the third quarter of 2010 compared to $0.4 million in the third quarter of 2009) was attributable to the conversion of all of CorMedix’s outstanding notes upon the completion of the IPO.
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