CorMedix Inc. (CRMD) has seen a decrease of 5.03% in the premarket. However, the last trading session concluded at $4.77 with an increase of 0.21%.
Third Quarter 2021 Results – How was the quarter?
CRMD announced third quarter 2021 results on 9th November 2021. The company reported that they have lost $8.6 million in the third quarter of 2021. The increased net loss in the third quarter of 2021 compared to the third quarter of 2020 was attributable to a net increase in costs associated with DefenCath manufacture prior to prospective marketing approval.
Moreover, the operating expenses grew by about 30% to $8.6 million and R&D expenses increased by 62 percent to $4.7 million. Furthermore, the SG&A expenses increased by almost 4% to $3.8 million. This rise was primarily driven by increases in non-cash stock-based compensation and staff expenses, which were partially offset by savings in market research study costs and consultancy fees in preparation for DefenCath’s potential marketing approval.
CRMD is happy to report that manufacturing at the CMO has resumed. Not only this but catheter-related bloodstream infections are widespread in patients undergoing hemodialysis using central venous catheters, as recent industry conference presentations have emphasized, and they are linked with considerable morbidity and mortality. Last but not the least, as they work to bring DefenCath to market once it has been approved, they remain committed to the commitment to these patients.
Executive Leadership Changes – What’s new?
CRMD announced some changes in the executive leadership on 4th October 2021. Khoso Baluch has resigned from the company’s board of directors. Moreover, EVP for Technical Operations named John Armstrong has also retired from CRMD. In replacement, Matt David has been appointed as the EVP whereas Dr. David will be the Chief Financial Officer. Furthermore, to find a permanent CEO, the Board has started a search with a top executive search agency. Lastly, Mr. Baluch will act as a consultant to the Company in order to ensure a smooth transition.
The company appreciates Khoso and Jack on behalf of the whole Board for their dedicated commitment and contributions to CRMD. Moreover, Khoso has played a key role in refocusing the company and strategically managing it while developing a highly seasoned management team. While the CEO search is underway, Matt’s energy and leadership, with the support of CorMedix’s Board of Directors and seasoned management team, enable him to continue the vital work underway to advance DefenCath.