CorMedix Inc. Announces Appointment of Chief Financial Officer
May 11 2020 - 8:30AM
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 appointed Matt
David, M.D. as the Company’s Executive Vice President and Chief
Financial Officer. Dr. David will participate in the
Company’s Conference Call discussing its First Quarter 2020
financial results and recent corporate developments today at 4:30pm
Eastern time.
“I am pleased that Matt has agreed to join the
Company at this most exciting time,” said Khoso Baluch, CorMedix
Chief Executive Officer. “With his medical background and his
significant experience in healthcare capital markets and strategy,
he will fill an important role as we continue our preparations to
commercialize Neutrolin, whether on our own or with a strategic or
commercial partner.”
Dr. David was most recently Head of Strategy at
Ovid Therapeutics, a Nasdaq-listed biopharmaceutical company
focused on rare neurological diseases. In addition to his recent
experience in industry, Dr. David has more than 15 years of
experience in finance as a healthcare investment banker and earlier
as an equity analyst covering the pharma sector.
“I am thrilled to be joining CorMedix at such an
exciting time for the Company,” commented Dr. David. “As Neutrolin
approaches a potential regulatory approval later this year, the
Company will face a range of strategic decisions all aimed at
bringing Neutrolin to patients who can benefit from it as
expeditiously as possible. I am excited by the prospects of this
novel product in the substantial hemodialysis market and look
forward to working with the broader CorMedix team.”
Dr. David earned his M.D. from NYU School of
Medicine and was a surgery resident at Beth Israel Hospital. He
received his undergraduate degree in Chemistry from Dartmouth
College.
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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