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 it has decided based upon recent developments to primarily focus on the commercialization of Neutrolin ® in Europe.
As announced on July 7, 2011, CorMedix anticipates being in a position to obtain CE Marking approval in the first half of 2012. The receipt of CE Marking approval will enable the Company to market and sell Neutrolin ® in countries that accept CE Marking, which include the 27 countries of the European Union. As noted in its July 7, 2011 press release, "the Company is in discussion with several companies for potential strategic alliances as an option to commercialize Neutrolin ® in the European market next year."
By preserving its current cash, in addition to potentially receiving non-dilutive funding from state and federal applications, CorMedix expects that its existing resources will be sufficient to fund operations into the fourth quarter of 2012 without having to raise significant amounts of additional capital. CorMedix will continue to evaluate the status of Neutrolin ® and the Company’s proprietary formulation of deferiprone in the U.S. but, given their current status, CorMedix does not expect to expend any material amounts with respect to either of its product candidates in the U.S. before the CE Marking status of Neutrolin ® in Europe is finalized. If the European strategic plan is successful, the Company believes the commercialization of Neutrolin ® in Europe may be sufficient to fund a significant portion of future U.S. clinical development costs.
The Company also announced Mr. John C. Houghton and the Company have mutually agreed not to renew Mr. Houghton’s employment agreement. As part of this transition, the Company has entered into a mutual separation agreement with Mr. Houghton, which provides that Mr. Houghton will provide the Company certain transition services on an as-needed basis through the end of 2011.