CorMedix, a biotechnology company with a focus on developing and commercializing therapeutic products for the prevention and treatment of Cardiorenal disease, yesterday released its financial report for the third quarter ending September 30, 2010. While the Company’s financials were what is typically seen for developmental companies, there were some noteworthy highlights in the report. More specifically, the Company announced:
• Appointment of Two Key Positions: Dr. Robert D. Hopkins as Head of Clinical Operations and Project Management and Mr. Dilip Wadgaonkar Head of Product Development and Manufacturing.
• Continued Advancement of Patient Enrollment in Phase II Deferiprone CRMD001 for Prevention of Contrast Induced Nephropathy – 3rd Most Common Cause of Hospital Acquired Renal Insufficiency
• Entered Final Stages of Manufacturing Scale-up of Neutrolin® for the Prevention of Catheter Related Bloodstream Infection (CRBI) and Maintenance of Catheter Function in Hemodialysis Patients – A Significant Unmet Medical Need for Dialysis Patients
• Expected Investigational Device Exemption Submission to FDA by Year End 2010 for Neutrolin®
• Awarded two Federal Grants totaling $488,959 from the Qualifying Therapeutic Discovery Project Program
Most emerging biotechs face a constant uphill struggle with financing. Developments in biotechnology are extremely expensive and time-consuming, so the company is still operating at a loss. For the quarter, the net loss was $1.4 million, or $0.12 per diluted share.
However, unlike so many other biotechs, CorMedix has plenty of cash on hand. Cash and equivalents as of September 30th equal $9.5 million as compared to only $1.5 million as of December 31, 2009. CorMedix believes its currently available cash and cash equivalents will be sufficient to meet its planned clinical development and operating requirements through the end of the first quarter of 2012.
Searching for an emerging biotech is about researching developing pharmaceutical companies that are targeting areas of great need within the industry that present a strong opportunity for growth. Despite operating at a loss at this moment, CorMedix is making strong progress in its developments of deferiprone CRMD001 and in the manufacturing of Neutrolin® CRMD003 with both moving smoothly through phase II clinical trials. Without seeing any complications at this point, CorMedix is a company worthy of further due diligence.
More information on CorMedix, its pipeline and the investment opportunity presented by CRMD can be found on the Company’s website at www.cormedix.com.
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