CorMedix Inc. shares have reached a new 52-week high, touching $7.29, as investors rally behind the biopharmaceutical company's promising developments. This peak represents a significant milestone for the company, reflecting a robust 1-year change of 90.5%. The surge in stock value underscores the market's growing confidence in CorMedix's strategic direction and its potential for future growth. Investors are closely monitoring the company's progress, as it continues to navigate the competitive landscape of the healthcare sector.
In other recent news, CorMedix Inc. has secured a multi-year commercial supply agreement with a leading global healthcare provider for its product, DefenCath. The agreement is expected to provide DefenCath to approximately 4,000 patients in over 2,000 U.S. clinics, with shipments set to commence in the fourth quarter of 2024.
The company also reported its second-quarter financial results for 2024, marking the first revenue from the U.S. distribution of DefenCath. Despite a reported net loss of $14.2 million due to increased operating expenses, CorMedix generated a net revenue of $0.8 million. The company's cash and cash equivalents stand at $45.6 million, projected to fund operations for at least the next 12 months.
According to recent reports, CorMedix is in discussions with top dialysis providers for additional commercial supply agreements. The company also plans to initiate clinical studies for DefenCath in different patient populations, with enrollment starting in the first quarter of 2025.
Lastly, the company anticipates reaching breakeven EBITDA by the end of 2024, with expectations of increased DefenCath sales in the fourth quarter. These are the latest developments in the company's progress, with further updates expected in the next quarterly call in November.
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