CorMedix Inc (CRMD)

[desarcmo]

CorMedix Announces Proposed Public Offering of Common Stock


BERKELEY HEIGHTS, N.J., July 27, 2020 (GLOBE NEWSWIRE) -- CorMedix Inc. (NYSE American: CRMD) (the "Company"), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory disease, announced today that it plans to offer shares of its common stock in an underwritten public offering. In connection with the offering, the Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the size or terms of the proposed offering.

The Company plans to use the net proceeds for general corporate purposes, including obtaining regulatory approval and commercialization of Defencath(TM) in the U.S., research and development, and working capital and capital expenditures.

After hours has not had a favorable response, probably because of dilution concerns.