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| 8-K - CURRENT REPORT - CorMedix Inc. | crmd_8k.htm |
Exhibit 99.1
CorMedix Inc. Announces New Appointments to Senior Leadership
Team
Robert W. Cook, International Biopharma Finance Expert, Appointed
Chief Financial Officer
Judith R. Abrams, M.D., Clinical Development Veteran, Appointed
Chief Medical Officer
Bedminster, NJ – February 1, 2017 – CorMedix Inc. (NYSE MKT: CRMD), a
biopharmaceutical company focused on developing and commercializing
therapeutic products for the prevention and treatment of
infectious and inflammatory diseases, today announced the addition
of two members to its senior leadership team. Robert W. Cook was
appointed Chief Financial Officer and Judith R. Abrams, MD., FRCPC,
was appointed to the new role of Chief Medical
Officer.
Mr.
Cook brings 25 years of international experience in senior
financial leadership roles in the healthcare finance,
pharmaceutical, and medical technology sectors and will be
responsible for the finance function including budgeting,
forecasting, financial compliance, reporting and business
development. Dr. Abrams brings nearly 25 years’ experience in
the pharmaceutical industry to CorMedix and will be responsible for
spearheading the development of the Company’s internal
pipeline of clinical and preclinical candidates, including
Neutrolin.
Khoso
Baluch, Chief Executive Officer of CorMedix, said, “We are
pleased to welcome Robert and Judith to CorMedix at an important
stage in our business progression. Robert brings a wealth of
experience as a biopharma public company CFO, while Judith has an
outstanding track record in worldwide clinical development. The
appointment of these two senior executives brings in powerful
additional resources for CorMedix as we continue to advance
Neutrolin® through its
pivotal trials toward potential approval. In addition, I want to
thank James Altland, who has served as interim Chief Financial
Officer since October 2015, for his contributions to the
team.”
Mr.
Cook most recently served as Chief Financial Officer of Bioblast
Pharma Ltd. His prior pharma experience includes appointments at
Strata Skin Sciences as well as Immune Pharmaceuticals and its
predecessor EpiCept Corporation, including one year as Interim
President and CEO of EpiCept in which he completed the reverse
merger of EpiCept into Immune. Previously he served as CFO of
publicly-held Pharmos Corporation. Mr. Cook began his career in
financial services at Chase Manhattan and he also held a position
as a Vice President in the Healthcare Group at General Electric
Capital Commercial Finance. Mr. Cook holds a B.S. in Finance,
magna cum laude, from The
American University, in Washington, DC.
Most
recently, Dr. Abrams served as Head of Celgene Corporation’s
Otezla (Apremilast) Global Clinical Submission Team where she led
all clinical activities supporting the global submission through
approval and launch of Otezla. Previously, Dr. Abrams has held
positions of increasing responsibility managing the clinical
development of a portfolio of products across all phases of
clinical development at Novo Nordisk, Inc., NPS Pharmaceuticals,
Inc., Johnson & Johnson PRD, Novartis Pharmaceuticals
Corporation, Amgen Inc., and Bristol-Myers Squibb PRI. Dr. Abrams
received her MD. and completed fellowships in Internal Medicine and
Rheumatology at the University of Toronto Faculty of Medicine. She
completed a post-doctoral research fellowship at Stanford
University School of Medicine, Division of Immunology where she
subsequently became a member of the clinical faculty. Dr. Abrams is
Adjunct Associate Professor, Department of Medicine, New York
University School of Medicine.
About CorMedix Inc.
CorMedix
Inc. is a biopharmaceutical company focused on developing and
commercializing therapeutic products for the prevention and
treatment of infectious and inflammatory disease. The Company is
focused on developing its lead product Neutrolin®, a novel,
non-antibiotic antimicrobial solution designed to prevent costly
and dangerous bloodstream infections associated with the use of
central venous catheters. Such infections cost the U.S. healthcare
system approximately $6 billion annually and contribute
significantly to increased morbidity and mortality. Neutrolin is
currently in a Phase 3 clinical study in patients undergoing
chronic hemodialysis via a central venous catheter. The company is
planning to conduct its second Phase 3 study in patients with
cancer receiving IV parenteral nutrition, chemotherapy and
hydration via a chronic central venous catheter, subject to
sufficient resources. If successful, the two pivotal studies may be
submitted to the FDA for potential approval for both patient
populations. Neutrolin has FDA Fast Track status and is designated
as a Qualified Infectious Disease Product, contributing to
potentially accelerated FDA review and up to 10 years of market
exclusivity upon potential U.S. approval. It is already a CE Marked
product in Europe and other territories. CorMedix is also seeking
to unlock additional value for its taurolidine-based technology by
establishing collaborative partnerships in oncology and medical
device applications. For more information visit: www.cormedix.com.
Forward-Looking Statements
This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties. All statements, other
than statements of historical facts, regarding management's
expectations, beliefs, goals, plans or CorMedix's prospects, future
financial position, financing plans, future revenues and projected
costs should be considered forward-looking. Readers are cautioned
that actual results may differ materially from projections or
estimates due to a variety of important factors, including: the
ability to retain and hire necessary personnel to staff our
operations appropriately; the cost, timing and results of the
ongoing and planned Phase 3 trials for Neutrolin® in the U.S.
and the resources needed to commence and complete those trials;
obtaining additional financing to support CorMedix's research and
development and clinical activities and operations; and the risks
and uncertainties associated with CorMedix's ability to manage its
limited cash resources. These and other risks are described in
greater detail in CorMedix's filings with the SEC, copies of which
are available free of charge at the SEC's website at www.sec.gov or
upon request from CorMedix. CorMedix may not actually achieve the
goals or plans described in its forward-looking statements, and
investors should not place undue reliance on these statements.
CorMedix assumes no obligation and does not intend to update these
forward-looking statements, except as required by law.
For Investors & Media:
Tiberend Strategic Advisors, Inc.
Joshua
Drumm, Ph.D.: jdrumm@tiberend.com; (212) 375-2664
Janine
McCargo: jmccargo@tiberend.com; (646) 604-5150