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CorMedix Reports Third 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 third quarter ended September 30, 2011.

Third Quarter 2011 Highlights:

  • Submitted Design Dossier for (CRMD003) Neutrolin ® as part of the European CE mark approval process
  • Announced appointment of Steven W. Lefkowitz to Board of Directors
  • Announced amended agreement with Shvia Biomedial, LLC for (CRMD001), a proprietary formulation of deferiprone to revise and extend certain terms
  • Announced FDA designation for (CRMD003) Neutrolin ®
  • Announced strategic changes to focus on CE marking approval and commercialization of (CRMD003) Neutrolin ® in Europe

Planned Second Half 2011 Milestones:

  • Complete stage 1 TUV audit for the CE marking approval process for (CRMD003) Neutrolin ® in Europe

Financial Results for the Three and Nine Months 2011

The net loss for the three months ended September 30, 2011 was $2.6 million, or $0.23 per diluted share, compared to a net loss of $1.4 million, or $0.12 per diluted share, for the third quarter 2010. The increase in the net loss was attributable to increased research and development (“R&D”) of $1.0 million and general and administrative (“G&A”) expenses of $0.2 million during the third quarter of 2011 compared to the second third of 2010 as a result of the Company completing patient recruitment in its phase 2 study of CRMD001, increased development and regulatory costs for CRMD003, as well as increased compensation and related severance costs attributed to the departure of our previous President and Chief Executive Officer, professional fees and business development expenses.

The net loss for the nine months ended September 30, 2011 was $7.1 million, or $0.62 per diluted share, compared to a net loss of $9.0 million, or $1.06 per diluted share, for the nine months ended September 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 nine months of 2011, offset by increased R&D costs related to the completion of the phase 2 study of CRMD001, increased development and regulatory costs for CRMD003, as well as increased compensation and related severance costs attributed to the departure of our previous President and Chief Executive Officer, professional fees and business development expenses.

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