CorMedix Inc. (NYSE:CRMD) disclosed a common stock offering. However, no terms of the offering were revealed. CorMedix, based in Berkeley Heights, New Jersey, is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease.
In connection with the offering, CRMD intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering.
The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the size or terms of the proposed offering.
The Company plans to use the net proceeds for general corporate purposes, including obtaining regulatory approval and commercialization of Defencath in the U.S., research and development, and working capital and capital expenditures.
SunTrust Robinson Humphrey and JMP Securities are acting as joint book-running managers for the offering.
Defencath is being touted in the United States as a catheter lock solution with an initial indication for use of preventing catheter-related bloodstream infections in patients with end-stage renal disease who are receiving hemodialysis via a central venous catheter.
CRMD faded $1.24, or 20.7%, to $4.76.
