This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

CorMedix Announces Strategic Changes

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 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,662.68 -9.92 -0.06%
S&P 500 2,053.12 +1.30 0.06%
NASDAQ 4,764.0090 +6.13 0.13%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs