CRMD - Why CorMedix Stock Was Plummeting on Tuesday
Biotech stocks are notoriously volatile, and reinforcing this on Tuesday was the performance of the clinical-stage company CorMedix (NASDAQ: CRMD) . A key pipeline product was again rejected by a top regulator, and as a result the shares were in free fall. They closed the day down more than 57%.
CorMedix reported Tuesday morning that the Food and Drug Administration (FDA) has effectively turned down the New Drug Application (NDA) for the company's DefenCath catheter lock product.
The company said that in a new Complete Response Letter, the FDA stated that approval could not be granted "until deficiencies recently conveyed to the contract manufacturing organization (CMA) and the supplier of the active pharmaceutical ingredient (API) heparin during inspections are resolved," to its satisfaction.
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Why CorMedix Stock Was Plummeting on Tuesday