Attached files
| file | filename |
|---|---|
| EX-4.1 - WARRANT - CorMedix Inc. | crmd_ex41.htm |
| EX-4.2 - FORM OF SECOND AMENDED AND RESTATED WARRANT - CorMedix Inc. | crmd_ex42.htm |
| EX-4.3 - WARRANT - CorMedix Inc. | crmd_ex43.htm |
| EX-4.4 - SENIOR SECURED NOTE - CorMedix Inc. | crmd_ex44.htm |
| EX-10.1 - SECURITIES PURCHASE AGREEMENT - CorMedix Inc. | crmd_ex101.htm |
| 8-K - CURRENT REPORT - CorMedix Inc. | crmd_8k.htm |
EXHIBIT 99.1
CORMEDIX ANNOUNCES CLOSING OF $7.5 MILLION SENIOR SECURED
CONVERTIBLE DEBT FINANCING
Berkeley Heights, NJ – January 3, 2019 – CorMedix Inc. (NYSE American: 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 and drawn a
previously announced $7.5 million, senior secured convertible debt
financing with its largest shareholder. The loan has a three-year
maturity and carries an interest rate of 10% per annum. At the
investor’s option, the loan is convertible into the
Company’s common stock at a price equal to $1.50 per share.
It will be callable beginning in 18 months. Additionally, the loan
will automatically convert at the conversion rate into shares of
common stock, if, prior to the maturity date, the average closing
sale price of the Company's common stock for any 20 trading days
during any consecutive 30 trading days equals or exceeds 150% of
the conversion price.
In connection with the financing, the Company issued new, five-year
warrants to purchase 450,000 shares of its common stock with an
exercise price of $1.50 per share, and as previously announced,
reduced the exercise price to 1/10th of a cent on two existing
warrants held by the shareholder, one to purchase 500,000 shares at
$0.65 expiring in May 2019 and the other for 750,000 shares at
$0.90 expiring in October 2019.
No underwriter or placement agent was involved with this
transaction.
Khoso Baluch, CorMedix CEO commented, “We are pleased to have
met our objective to complete this transaction by December 31,
2018. This financing significantly improves our financial condition
as we commence what we believe will be the final steps in our
Neutrolin® development plan. Our next objective is to report
the top line results of the LOCK-IT-100 study, following database
lock and unblinding, which are expected to occur in the near
future.”
The Company has concurrently filed a Current Report on Form 8-K
that contains the full terms and conditions of the
transaction.
About CorMedix
CorMedix Inc. is a biopharmaceutical company focused on developing
and commercializing therapeutic products for the prevention and
treatment of infectious and inflammatory diseases. 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, currently in Phase 3 development for
patients undergoing chronic hemodialysis. Such infections cost the
U.S. healthcare system approximately $6 billion annually and
contribute significantly to increased morbidity and mortality.
Neutrolin has FDA Fast Track status and is designated as a
Qualified Infectious Disease Product, which provides the potential
for priority review of a marketing application by FDA and
allows for 5 additional years of QIDP market exclusivity in the
event of U.S. approval. Neutrolin is already marketed as a CE
Marked product in Europe and other territories. In parallel,
CorMedix is leveraging its taurolidine technology to develop a
pipeline of antimicrobial medical devices, with active programs in
surgical sutures and meshes, and topical hydrogels. The
company is also working with top-tier researchers to develop
taurolidine-based therapies for rare pediatric cancers. For
more information, visit: www.cormedix.com.
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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 resources needed to terminate the Phase 3 trial and
the costs and time needed to submit a new drug application to the
FDA; the risks and uncertainties associated with CorMedix’s
ability to manage its limited cash resources and the impact on
current, planned or future research, including the continued
development of Neutrolin and research for additional uses for
taurolidine; obtaining additional financing to support
CorMedix’s research and development and clinical activities
and operations; risks related to obtaining FDA approval of the new
drug application for Neutrolin; relying on preclinical results that
may not be indicative of success in clinical trials and might not
be replicated in any subsequent studies or trials; and the ability
to retain and hire necessary personnel to staff our operations
appropriately. 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.
Investor Contact:
Dan
Ferry
Managing
Director
LifeSci
Advisors
617-535-7746
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