CorMedix Inc. shares have surged to a 52-week high, reaching a price level of $7.03, marking a significant milestone for the biopharmaceutical company. This peak reflects a robust 71.93% increase in stock value over the past year, showcasing a strong performance amidst a challenging market environment. Investors have shown increased confidence in CorMedix's growth prospects and strategic initiatives, propelling the stock to new heights and signaling a positive outlook for the company's future.
In other recent news, CorMedix Inc. has secured a multi-year supply agreement with a prominent global healthcare provider for the distribution of DefenCath in the United States. This development followed the FDA approval of DefenCath, a product designed to reduce catheter-related bloodstream infections, and its commercial launch for inpatient use in 2024. Shipments under the new agreement are expected to commence in the fourth quarter of the same year.
The company reported its second-quarter financial results for 2024, marking the first revenue generation from the U.S. distribution of DefenCath. Despite a net loss of $14.2 million due to increased operating expenses from the product's commercial launch, CorMedix expects sales to rise in the fourth quarter. The company's cash and cash equivalents stand at $45.6 million, projected to fund operations for at least the next 12 months.
CorMedix is also planning clinical studies for DefenCath in different patient populations, with enrollment starting in the first quarter of 2025. The company is in discussions with top dialysis providers for commercial supply agreements, aiming to reach breakeven EBITDA by the end of 2024. These are recent developments in the company's progress, with updates expected in the next quarterly call in November.
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