CRMD - Why Shares of CorMedix Are Slumping Thursday
2023-06-29 12:22:46 ET
Shares of CorMedix (NASDAQ: CRMD) were down more than 21% as of noon ET on Thursday. The shares fell after the company announced a stock sale. The healthcare stock is down more than 5% so far this year.
The stock sale was actually a double whammy of dilution for investors of the pharmaceutical and medical device company. CorMedix is selling 7.5 million shares of common stock at $4 per share, a 21.4% discount at what the stock closed at on Wednesday. The company also is offering prefunded warrants of up to 2.5 million shares at $3.99 per warrant. All together, the sales should bring $40 million in funding to CorMedix.
CorMedix recently resubmitted a New Drug Application (NDA) for DefenCath to the Food and Drug Administration. The FDA accepted the resubmission on June 21 and set up a six-month review with a Prescription Drug User Fee Act (PDUFA) target action date of Nov. 15.
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Why Shares of CorMedix Are Slumping Thursday