CorMedix tumbles on stock offering

CorMedix

28/06/2023 21:32

** CorMedix Inc's  CRMD.O  shares down ~17% post-market as
co looks to raise equity
    ** Biopharma firm intends to offer shares and pre-funded
warrants; deal size not disclosed
    ** RBC, Truist Secs and JMP Secs bookrunners for offering
    ** 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 new
drug application for lead product, DefenCath, non-antibiotic
antimicrobial and antifungal solution designed to prevent
life-threatening bloodstream infections
    ** CRMD on Weds closed up 2% at $5.07, extending YTD gain to
20%
    ** Co has ~45.38 mln shares outstanding for ~$225 mln market
cap and ~44.9 mln shares of public float, per Refinitiv data

 (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))