CorMedix Inc. Announces Contract Extension of Jack Armstrong as Executive Vice President and Head of Technical Operations
April 23 2020 - 8:15AM
CorMedix Inc. (NYSE American: CRMD), a biopharmaceutical company
focused on developing and commercializing therapeutic products for
the prevention and treatment of infectious and inflammatory
disease, today announced that it has entered into a new three-year
Employment Agreement with Jack Armstrong, currently Executive Vice
President and Head of Technical Operations. The new agreement
terminates in April 2023, and may be extended annually thereafter
upon mutual agreement. The Employment Agreement was concluded as
CorMedix works to secure marketing authorization for Neutrolin® in
the second half of 2020 with potential commercial launch in the
U.S. in 2021.
“I am delighted that Jack has agreed to continue
in his current role at this critical time when we are ramping up
our preparations for commercial launch following Neutrolin’s
anticipated approval in the second half of 2020,” said Mr. Baluch.
“He has been instrumental in building and securing Neutrolin’s
supply chain over the past few years, including the sourcing of raw
materials, drug product manufacturing and distribution and
warehousing. His experience will be critical as we continue our
preparations to commercialize Neutrolin, whether on our own or with
a strategic or commercial partner.”
Mr. Armstrong joined CorMedix in October 2014.
He has more than 40 years of experience in the pharmaceutical
industry with broad cross-functional experience in all facets of
supply chain and quality assurance, and has held a number of
general management positions. Prior to joining CorMedix, Mr.
Armstrong was President of Correvio, a private company supplying
product to more than 60 countries. His experience includes
President & CEO of Genera, a biotech company, as well as
executive positions at DuPont Merck and Marion Merrill Dow. He has
held roles as a CEO, and in manufacturing, quality assurance, and
integrated business systems development, all of which have led to
significant experience in business development.
About CorMedix
CorMedix Inc. is a biopharmaceutical company
focused on developing and commercializing therapeutic products for
the prevention and treatment of infectious and inflammatory
diseases. The Company is focused on developing its lead product
Neutrolin®, a novel, non-antibiotic antimicrobial solution designed
to prevent costly and dangerous bloodstream infections associated
with the use of central venous catheters for the U.S. market. The
Company completed a Phase 3 clinical trial of Neutrolin in patients
undergoing chronic hemodialysis, which showed a 71% reduction in
catheter-related bloodstream infections (CRBSIs) relative to the
heparin control arm (p=0.0006) with a good safety profile. Such
infections cost the U.S. healthcare system approximately $6 billion
annually and contribute significantly to increased morbidity and
mortality. Neutrolin has FDA Fast Track status and is designated as
a Qualified Infectious Disease Product, which provides the
potential for priority review of a marketing application by FDA and
allows for 5 additional years of QIDP market exclusivity in the
event of U.S. approval. FDA has granted rolling submission and
review of portions of the new drug application (NDA) and CorMedix
has begun submission of the NDA. Neutrolin is already marketed as a
CE Marked product in Europe and other territories. In parallel,
CorMedix is leveraging its taurolidine technology to develop a
pipeline of antimicrobial medical devices, with active programs in
surgical sutures and meshes, and topical hydrogels. The company is
also working with top-tier researchers to develop taurolidine-based
therapies for rare pediatric cancers. 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 that are subject to risks and uncertainties. All
statements, other than statements of historical facts, regarding
management’s expectations, beliefs, goals, plans or CorMedix’s
prospects, future financial position, financing plans, future
revenues and projected costs should be considered forward-looking.
Readers are cautioned that actual results may differ materially
from projections or estimates due to a variety of important
factors, including: the results of our discussions with the FDA
regarding the Neutrolin development path, including whether a
second Phase 3 clinical trial for Neutrolin will be required; the
resources needed to complete the information required to submit a
new drug application for Neutrolin to the FDA; the risks and
uncertainties associated with CorMedix’s ability to manage its
limited cash resources and the impact on current, planned or future
research, including the continued development of Neutrolin and
research for additional uses for taurolidine; obtaining additional
financing to support CorMedix’s research and development and
clinical activities and operations; preclinical results are not
indicative of success in clinical trials and might not be
replicated in any subsequent studies or trials; and the ability to
retain and hire necessary personnel to staff our operations
appropriately. At this time, we are unable to assess whether, and
to what extent, the uncertainty surrounding the Coronavirus
pandemic may impact our business and operations. These and other
risks are described in greater detail in CorMedix’s filings with
the SEC, 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 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
FerryManaging DirectorLifeSci Advisors617-430-7576
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