CorMedix Inc. Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

CorMedix (NASDAQ:CRMD), a biopharmaceutical company, has announced plans for a $85.0 million public offering of common stock. The company will also grant underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less underwriting discounts and commissions.

RBC Capital Markets is serving as the sole bookrunner for the offering. The proceeds will be used for general corporate purposes, including working capital, research and development expenses, and potential strategic transactions such as acquisitions, joint ventures, or collaborations.

Positive

• Potential to strengthen balance sheet with $85.0 million capital raise
• Flexibility for strategic growth through acquisitions, joint ventures, or collaborations
• Additional funding for research and development initiatives

Negative

• Potential dilution for existing shareholders
• Uncertainty regarding the final offering terms and completion

Insights

Financial Analyst

CorMedix's $85M stock offering will dilute shareholders but strengthen its financial position for R&D and strategic growth opportunities.

CorMedix's announcement of an $85 million common stock offering represents a significant capital raising effort that will have several immediate implications for existing shareholders and the company's financial structure. This offering, with a potential additional 15% of shares through the underwriter's option, will likely result in meaningful dilution for current investors.

The selection of RBC Capital Markets as sole bookrunner indicates the company has secured institutional backing for this transaction, which may help ensure successful execution. However, the lack of a specified price suggests the final terms will be determined based on market conditions and investor interest.

The stated use of proceeds is notably broad, encompassing working capital, R&D expenses, and potential strategic transactions including acquisitions. This flexibility signals that while CorMedix needs to strengthen its balance sheet, it's also positioning itself for potential growth opportunities through external partnerships or acquisitions that complement its current business focus on therapies for life-threatening conditions.

For existing shareholders, while the offering will dilute their ownership percentage, it addresses a critical need for biopharmaceutical companies - sufficient capital to fund ongoing operations and development programs without facing near-term financial constraints. The filing of a shelf registration in May 2024 indicates this offering was part of a planned financing strategy rather than an urgent capital need, which is somewhat reassuring from a financial stability perspective.

BERKELEY HEIGHTS, N.J., June 26, 2025 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announced that it intends to offer and sell $85.0 million of shares of its common stock in an underwritten public offering. All of the shares to be sold in the offering will be offered by CorMedix. In addition, CorMedix intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

RBC Capital Markets is acting as sole bookrunner for the offering.

CorMedix intends to use the net proceeds from the offering for general corporate purposes, which may include working capital, expenses related to research and the development of product candidates, and potential strategic transactions, including acquisitions, joint ventures or collaborations, involving companies, products or assets that complement CorMedix’s business.

The securities described above are being offered by CorMedix pursuant to a shelf registration statement on Form S-3 which was initially filed by CorMedix with the Securities and Exchange Commission (the “SEC”) May 6, 2024, and was declared effective by the SEC on May 22, 2024.

The securities will be offered only by means of a prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering, as well as copies of the final prospectus supplement, when available, may be obtained from RBC Capital Markets, LLC, Attention: Equity Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281, by telephone at (877) 822-4089, or by email at equityprospectus@rbccm.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale will be made only by means of CorMedix’s prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About CorMedix

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. The Company is focused on commercializing its lead product DefenCath^® (taurolidine and heparin) which was approved by the FDA on November 15, 2023. CorMedix commercially launched DefenCath in inpatient settings in April 2024 and in outpatient settings in July 2024. CorMedix is commencing clinical studies in Total Parenteral Nutrition and Pediatric patient populations in 2025 and also intends to develop DefenCath as a catheter lock solution for use in other patient populations. For more information visit: www.cormedix.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties, including expectations regarding the offer and sale of common stock, the terms of the offering, the expected use of proceeds, timing of implementation, patient utilization and enrollment, the timing and volume of increased shipments, and expectations regarding future growth opportunities. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or CorMedix’s prospects should be considered forward-looking statements. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including the risks and uncertainties related to market conditions; satisfaction of customary closing conditions related to the offerings and the risks and uncertainties in the Risk Factors identified in CorMedix’s filings with the SEC, including its most recent Annual Report on Form 10-K and its Quarterly Report on Form 10-Q, and the preliminary prospectus supplement related to the proposed public offering, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such forward-looking statements speak only as of the date of this press release. Investors should not place undue reliance on these statements. CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Investor Contact:
Dan Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576

FAQ

What is the size of CorMedix (CRMD) public offering announced in June 2025?

CorMedix announced a proposed $85.0 million public offering of common stock, with an additional 30-day option for underwriters to purchase up to 15% more shares.

How will CorMedix (CRMD) use the proceeds from its 2025 stock offering?

The proceeds will be used for general corporate purposes, including working capital, research and development expenses, and potential strategic transactions such as acquisitions, joint ventures, or collaborations.

Who is the underwriter for CorMedix's 2025 public offering?

RBC Capital Markets is acting as the sole bookrunner for the offering.

When was CorMedix's shelf registration statement declared effective?

The shelf registration statement on Form S-3 was declared effective by the SEC on May 22, 2024.

What is the impact of CRMD's public offering on existing shareholders?

The offering will likely result in dilution of existing shareholders' ownership due to the issuance of new common stock.