New Jersey-based CorMedix has raised $12.5 million through the sale of 1.9 million units at $6.50. The company, which is developing products for the treatment of cardiac and renal dysfunction, notes that each unit consists of two shares of CorMedix common stock and a warrant to purchase one share of common stock at a price of about $3.43. In addition, CorMedix has granted the underwriters a 45-day option to purchase up to an additional 288,750 units to cover over-allotments. CorMedix is now valued at approximately $37.1 million.
The developer's most advanced candidates are CRMD001, a formulation of deferiprone to prevent contrast-induced nephropathy in high-risk patients; and Neutrolin (CRMD003), an antimicrobial/anticoagulant solution to prevent central venous catheter infection and clotting initially in dialysis catheters. By mid-2010, CorMedix expects to start a proof-of-concept trial of CRMD001 and submit an investigational device exemption to start a pivotal trial of Neutrolin.
CorMedix is one of several drug developers to test the 2010 IPO waters. Anthera, Ironwood, and AVEO Pharmaceuticals have all gone public, and all priced below their expected range. So while the biotech IPO market may have seen some revival over last year, investors are still skeptical of supporting high-risk biotechs.
- here's CorMedix's release
Editor's Note: This article originally stated that CorMedix had filed its IPO today. The company priced its IPO and is currently trading on NYSE AMEX.