CorMedix falls after unveiling $85 mln stock offering

CorMedix

26/06/2025 21:20

** CorMedix's CRMD.O shares down 10.4% post-market to $13.40 as co looks to raise equity

    ** Berkeley Heights, New Jersey-based biopharma announces $85 mln stock offering with RBC as sole bookrunner

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

    ** Co focused on commercializing its lead product DefenCath, which is used to prevent infections in catheters, a thin tube used in medical procedures

    ** With ~67.8 mln shares outstanding, co has $1 bln market cap

    ** CRMD shares on Thurs closed down a penny at $14.96

    ** Stock has risen 143% this quarter, putting them up 85% YTD

    ** All 6 analysts are bullish on CRMD and median PT is $19.50, LSEG data reflects

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

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