CorMedix drops as $85 mln stock offering priced

CorMedix

27/06/2025 13:42

** CorMedix's CRMD.O shares drop 13.6% premarket to $12.92 after follow-on priced

** Berkeley Heights, New Jersey-based biopharma early Fri said sold ~6.6 mln shares for $85 mln gross raise

** Offering priced at $12.87, 14% discount to stock's close on Thurs

** Co intends to use net proceeds for general purposes, including working capital, R&D expenses for product candidates development, and potential strategic transactions or collaborations

** CRMD says it's focused on commercializing lead product DefenCath, which is used to prevent infections in catheters

** It has ~67.8 mln shares outstanding for $1 bln market cap through Thurs

** RBC sole bookrunner for the offering

** Through Thurs, shares rose ~143% QTD, putting them up 85% YTD

** All 6 analysts are bullish on CRMD; median PT of $19.50 is 30% above last close - LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))