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CorMedix Reports Second Quarter 2011 Results

Stocks in this article: CRMD

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 second quarter ended June 30, 2011.

Second Quarter 2011 Highlights:

  • Submitted Design Dossier for (CRMD003) Neutrolin ® as part of the European CE Mark Approval Process
  • Special Protocol Assessment (“SPA”) Agreement with FDA for Phase III Trial in Prevention of Contrast Induced Acute Kidney Injury (“CI-AKI”) with (CRMD001), A Proprietary Formulation of Deferiprone
  • Successfully Completed Patient Recruitment in Phase II CI-AKI with (CRMD001), A Proprietary Formulation of Deferiprone

Planned Second Half 2011 Milestones:

  • Announce data from Phase II CI-AKI Study for (CRMD001), A Proprietary Formulation of Deferiprone
  • Start Pivotal Phase III Clinical Study for (CRMD003) Neutrolin ® Pending FDA Approval

Financial Results for the Second Quarter 2011

The net loss for the three months ended June 30, 2011 was $2.5 million, or $0.22 per diluted share, compared to a net loss of $1.2 million, or $0.10 per diluted share, for the second quarter 2010. The increase in the net loss was attributable to increased research and development (“R&D”) of $0.6 million and general and administrative (“G&A”) expenses of $0.3 million during the second quarter of 2011 compared to the second quarter of 2010 as a result of the Company completing patient recruitment in its Phase II study of CRMD-001, increased development and regulatory costs for CRMD-003, as well as increased stock-based compensation costs and costs of operating as a publicly-traded company following our IPO in March 2010, respectively.

The net loss for the six months ended June 30, 2011 was $4.5 million, or $0.39 per diluted share, compared to a net loss of $7.6 million, or $1.14 per diluted share, for the six months ended June 30, 2010. The decrease in net loss was attributable to a decrease of interest expense of $3.1 million comprised of amortization and write-off of deferred financing costs and debt discounts which was related to the completion of the Company’s IPO occurring in the first quarter 2010 with no related charges during the first half of 2011.

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