Attached files
Exhibit
99.1
CorMedix Inc. Announces Closing of Public Offering of Common Stock
and Warrants and Underwriter’s Exercise In Full of
Over-Allotment Option
Bedminster, NJ – May 3, 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 disease, today announced that it has closed its
previously announced public offering of common stock and warrants.
The Company sold and issued an aggregate of 18,619,301 shares of
common stock, Tranche 1 Warrants to purchase up to an aggregate of
13,964,475 shares of our common stock and Tranche 2 Warrants to
purchase up to an aggregate of 13,964,475 shares of our common
stock, which includes the full exercise of the underwriter’s
option to purchase additional shares of common stock and warrants
from the Company.
Gross
proceeds to the Company from the sale of the shares were
approximately $14.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses. The
Company intends to use the net proceeds of the offering
for general corporate purposes,
including the development of Neutrolin, specifically the
LOCK-IT-100 and LOCK-IT-200 clinical trials, and working capital and capital
expenditures.
H.C.
Wainwright & Co. acted as the sole book-running manager for
this offering.
Each
Tranche 1 Warrant has an exercise price of $1.05 per share of
common stock, will become exercisable on any day on or after the
date that CorMedix publicly announces through the filing of a
Current Report on Form 8-K that the amendment to the
Company’s Amended and Restated Certificate of Incorporation
to increase the number of authorized shares of common stock has
been approved by the stockholders and has become effective (the
“Exercisable Date”), and will expire five years
following the Exercisable Date. Each Tranche 2 Warrant has an
exercise price of $0.75 per share of common stock, will become
exercisable on the Exercisable Date and will expire thirteen months
following the Exercisable Date.
The
securities described above were offered by the Company pursuant to
a “shelf” registration statement, including a base
prospectus, which was previously filed with and declared effective
by the Securities and Exchange Commission (the “SEC”)
on April 17, 2015. A final prospectus supplement and the
accompanying prospectus related to the offering was filed with the
SEC and copies can be obtained by contacting H.C. Wainwright &
Co., LLC, 430 Park Avenue, New York, NY 10022, by calling
646-975-6996 or by email at placements@hcwco.com or at the
SEC’s website at http://www.sec.gov.
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. Neutrolin is currently in a Phase 3
clinical trial in patients undergoing chronic hemodialysis via a
central venous catheter. The Company is planning to conduct its
second Phase 3 clinical trial in patients with cancer receiving IV
parenteral nutrition, chemotherapy and hydration via a chronic
central venous catheter, subject to sufficient resources. Neutrolin
has FDA Fast Track status and is designated as a Qualified
Infectious Disease Product. It is already a CE Marked product in
Europe and other territories.
Forward-Looking Statements
This
press release contains “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve significant risks and uncertainties about
CorMedix, including but not limited to statements with respect to
CorMedix’s plans to consummate its proposed underwritten
offering of common stock and warrants and the use of proceeds.
CorMedix may use words such as
“may,” “might,” “should,”
“anticipate,” “estimate,”
“expect,” “projects,”
“intends,” “plans,” “believes”
and words and terms of similar substance to identify such
forward-looking statements. Among the important factors that could
cause actual results to differ materially from those indicated by
such forward-looking statements are risks relating to, among other
things, the use of the offering proceeds, CorMedix’s business
and financial condition, and the impact of general economic,
industry or political conditions in the United States or
internationally. For additional disclosure regarding these and
other risks faced by CorMedix, see disclosures contained in
CorMedix’s public filings with the SEC, including the
“Risk Factors” in the company’s Annual Report on
Form 10-K for the year ended December 31, 2016, and under the
heading “Risk Factors” of the prospectus supplements
for this offering. You should consider these factors in evaluating
the forward-looking statements included in this press release and
not place undue reliance on such statements. The forward-looking
statements are made as of the date hereof, and CorMedix undertakes
no obligation to update such statements as a result of new
information.
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