CorMedix Inc. (“CorMedix”) (NYSE Amex: CRMD), is a development stage pharmaceutical and medical device company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and renal dysfunction, specifically in the dialysis and non-dialysis areas, today announced its financial results for the year ended December 31, 2011.
Fourth Quarter 2011 Developments:
During the fourth quarter of 2011, CorMedix's key achievements included:
- Successfully completed stage 1 of 2 audits with TÜV America;
- Received approval for approximately $500K in non-dilutive funding through the sale of New Jersey tax losses.
Financial Results for the Year Ended December 31, 2011The net loss for the year ended December 31, 2011 was $6.7 million, or ($0.59) per diluted share, compared to a net loss of $10.9 million, or ($1.15) per diluted share, for the year ended December 31, 2010. The decrease in net loss was primarily attributable to a decrease in interest expense of $3.1 million related to the conversion of all our convertible notes in March 2010, in connection with our Initial Public Offering (“IPO”). Research and Development (“R&D”) expense was $4.1 million for the year ended December 31, 2011, a decrease of $1.4 million, from $5.5 million for the year ended December 31, 2010. The decrease in R&D was primarily attributed to the March 30, 2010 issuance of 828,024 shares of our common stock, of which 118,288 shares are held in escrow, to our licensors valued at $3.125 per share, or $2,217,924 as a result of anti-dilution adjustments in connection with the conversion of our outstanding convertible debt to common stock upon the closing of the IPO, which anti-dilution provisions have expired. The decrease in R&D expense was partially offset by increased clinical development costs related to our phase II clinical trial of CRMD001 that began in June 2010, higher manufacturing and regulatory costs related the development of CRMD003 and costs related to the hiring of two employees in the areas of clinical operations and product development during the third quarter of 2010.