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CorMedix Reports Year End 2010 Financial Results

Management Commentary

Commenting on year-end results, CorMedix President and CEO, John C. Houghton, stated, “We continue to make great progress toward the commercialization of our lead product candidates, CRMD001 Deferiprone and CRMD003 Neutrolin ®. CRMD001 Deferiprone has been actively enrolling patients in a phase II clinical trial for the prevention of CIN. We expect to have an interim analysis from this study by the end of the first quarter of 2011 and to report final results in the second half of 2011, which will serve as the basis for a phase III clinical trial decision. Our first manufacturing run of CRMD003 Neutrolin ® proved successful and positions us well to provide product for our anticipated upcoming 2011 clinical studies. We expect to be in a position to launch CRMD003 Neutrolin ® for the prevention of CRBI and maintenance of catheter patency in hemodialysis patients in Europe by the end of 2011, subject to receiving CE Mark approval in Europe.”

Annual Meeting Date

CorMedix also announced today that its annual meeting of stockholders will be held on June 2, 2011 at a location to be announced at a later date.

                             

CORMEDIX INC.

(A Development Stage Company)

 

CONDENSED STATEMENTS OF OPERATIONS

(Audited)

 

Year Ended December 31, 2010

Year Ended December 31, 2009

Cumulative Period from July 28, 2006 (inception) Through December 31, 2010

 
OPERATING EXPENSES
Research and development $ 5,494,297 $ 4,888,538 $ 18,038,746
General and administrative 3,012,706   1,166,845   7,788,898  
Total Operating Expenses 8,507,003   6,055,383   25,827,644  
 
LOSS FROM OPERATIONS (8,507,003 ) (6,055,383 ) (25,827,644 )
 
OTHER INCOME (EXPENSE)
Other income 391,168 - 391,168
Interest income 23,442 2,130 112,305

Interest expense, includingamortization and write-off ofdeferred financing costs and debtdiscounts

(3,093,763 ) (2,068,202 ) (11,193,028 )
LOSS BEFORE INCOME TAXES (11,186,156 ) (8,121,455 ) (36,517,199 )
State income tax benefit 280,920   -   280,920  
NET LOSS $ (10,905,236 ) $ (8,121,455 ) $ (36,236,279 )
 

NET LOSS PER SHARE – BASIC   AND DILUTED

$ (1.15 ) $ (9.48 )
 

WEIGHTED AVERAGE SHARES   OUTSTANDING – BASIC AND   DILUTED

9,473,259   856,646  
               

CORMEDIX

CONDENSED BALANCE SHEET INFORMATION

(AUDITED)

 
December 31, 2010

December 31, 2009

Assets
Cash and cash equivalents $ 8,283,684 $ 1,505,179
Total Assets $ 8,847,800 $ 2,225,652
 
Deficit accumulated during the development stage $ (36,236,279 ) $ (25,331,043 )
Total Stockholders’ Equity (Deficiency) $ 7,255,398 $ (14,708,899 )

About CorMedix

CorMedix Inc. is a pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the prevention and treatment of cardiac and renal dysfunction, also known as cardiorenal disease. CorMedix’s goal is to treat kidney disease by reducing the commonly associated cardiovascular and metabolic complications, in effect, treating the kidney to treat the heart. CorMedix currently has several product candidates in development, including its two most advanced product candidates: CRMD003 (Neutrolin®) for the prevention of central venous catheter infection and clotting in hemodialysis; and CRMD001 (a proprietary formulation of deferiprone) for the prevention of contrast-induced nephropathy in high-risk patients with chronic kidney disease. Please see www.cormedix.com for additional information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 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, future financial position, future revenues and projected costs 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 outcome of clinical trials of CorMedix’s drug candidates and whether they demonstrate these candidates’ safety and effectiveness; the risks and uncertainties associated with: obtaining additional financing to support CorMedix’s research and development and clinical activities and operations; obtaining regulatory approvals to conduct clinical trials and to commercialize CorMedix’s drug candidates; CorMedix’s ability to enter into and maintain collaborations with third parties for its drug development programs; CorMedix’s dependence on its collaborations and its license relationships; achieving milestones under CorMedix’s collaborations; CorMedix’s’ dependence on preclinical and clinical investigators, preclinical and clinical research organizations, manufacturers and consultants; protecting the intellectual property developed by or licensed to CorMedix; and CorMedix’s ability to maintain listing on NYSE Amex. These and other risks are described in greater detail in CorMedix’s filings with the Securities and Exchange Commission. 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 disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.



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