CorMedix Inc. Completes Sale of $1.3 Million of NOL Tax Benefits Through The New Jersey Economic Development Authority Progra...
June 10 2021 - 8:30AM
CorMedix Inc. (Nasdaq: 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 completed the sale of $1.3 million of
its available tax benefits to an unrelated, profitable New Jersey
corporation through the New Jersey Economic Development Authority’s
New Jersey Technology Business Tax Certificate Transfer program for
the State Fiscal Year 2020. As a result, the Company has received
approximately $1.3 million in cash proceeds from the sale of these
NOL tax benefits.
The New Jersey Technology Business Tax
Certificate Transfer (NOL) program enables qualified, unprofitable
NJ-based technology or biotechnology companied with fewer than 225
U.S. employees to sell a percentage of net operating losses and
research and development (R&D) tax credits to unrelated
profitable corporations. This allows qualifying technology and
biotechnology companies with NOLs to turn their tax losses and
credits into cash proceeds to fund growth and operations, including
research and development or other allowable expenditures. CorMedix
is one of 49 early-stage companies to share in approximately $54.5
million of tax credit transfers approved by NJEDA for the 2020
period.
About CorMedixCorMedix 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 DefenCath™, a novel,
antibacterial and antifungal solution designed to prevent costly
and life-threatening bloodstream infections associated with the use
of central venous catheters in patients undergoing chronic
hemodialysis. DefenCath has been designated by FDA as Fast Track
and as a Qualified Infectious Disease Product (QIDP), and the NDA
received priority review in recognition of its potential to address
an unmet medical need. QIDP provides for an additional five years
of marketing exclusivity, which will be added to the five years
granted to a New Chemical Entity upon approval of the NDA. CorMedix
also committed to conducting a clinical study in pediatric patients
using a central venous catheter for hemodialysis when the NDA is
approved, which will add an additional six months of marketing
exclusivity when the study is completed. The Company received a
Complete Response Letter from FDA stating that the NDA could not be
approved until satisfactory resolution of deficiencies at the
contract manufacturing facility, including in-process controls for
the filling operation. CorMedix also intends to develop DefenCath
as a catheter lock solution for use in oncology and total
parenteral nutrition patients. It is leveraging its taurolidine
technology to develop a pipeline of antimicrobial medical devices,
with 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.
Neutrolin® is CE Marked and marketed in Europe and other
territories as a medical device. For more information, visit:
www.cormedix.com.
Investor Contact:Dan FerryManaging
DirectorLifeSci Advisors(617) 430-7576
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