CorMedix tumbles on pricing $40 mln stock offering

CorMedix

29/06/2023 12:13

** CorMedix Inc's  CRMD.O  shares down 19.1% at $4.10
premarket after overnight follow-on prices
    ** Biopharma late Weds announced 10 mln shares, including
2.5 mln pre-funded warrants, at $4, 21.1% discount to last sale
 urn:newsml:reuters.com:*:nGNXZV27w
    ** Co to use net offering proceeds for general purposes,
commercialization efforts, R&D, among other uses
    ** Last week, it said US FDA accepted resubmission of its
new drug application for lead product, DefenCath, non-antibiotic
antimicrobial and antifungal solution designed to prevent
bloodstream infections
    ** Co has ~45.38 mln shares outstanding for ~$230 mln market
cap and ~44.9 mln shares of public float, per Refinitiv data
    ** Through Weds close, CRMD gained 20% YTD
    ** RBC, Truist Secs and JMP Secs bookrunners for equity
offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))