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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

CorMedix Reports Third Quarter 2011 Results

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

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