CorMedix Inc. (“CorMedix”) (NYSE Amex: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardiorenal disease, held the initial financial closing on September 20, 2012, of its private placement of Units consisting of (i) a one-year $1,000 aggregate principal amount 9% Senior Convertible Note, convertible into shares of common stock, par value $0.001 per share, at a conversion price of $0.35 per Note, and (ii) a five-year redeemable Warrant, to purchase 2,500 shares of Common Stock, to certain accredited investors pursuant to a Subscription Agreement. The Units are being offered on a “reasonable efforts, all-or-none” basis as to 500 Units for a minimum amount of $500,000, and, thereafter on a “reasonable efforts” basis as to the remaining 2,500 Units for a maximum amount of $3,000,000. At the initial closing, the Company sold 850 Units for a total gross amount of $850,000. After the initial closing, the Company may sell up to the Maximum Amount and further closings may be conducted for the sale of the Units until November 14, 2012. Proceeds from the 2012 Offering will be used by the Company for marketing, manufacturing, rent and utilities, licensing obligations, payroll and working capital and general corporate purposes. “We are happy to announce the initial closing mainly through our management, directors and existing shareholders,” said Rich Cohen, Interim CEO and Interim CFO.
Subsequently, on September 21, 2012, the NYSE Amex notified the Company that the NYSE Amex was granting the Company an extension until January 31, 2013 to regain compliance with the continued listing standards of the NYSE Amex. As a result, the NYSE-Amex is continuing the Company’s listing pursuant to the extension. The Company will be subject to periodic review by the NYSE-Amex during the extended plan period. Failure to make progress consistent with the plan or to regain compliance with continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE-Amex. CorMedix will be subject to periodic review by the NYSE-Amex Staff during the extension period.