Biopharmaceutical company CorMedix (CRMD) reported its first quarter 2019 results after the bell today. CorMedix recorded a net loss of $5.2 million or $0.22 per share in Q1 compared with a net loss of $10.2 million or $0.68 per share in the first quarter of 2018. Analysts’ had expected the company to post a loss of $0.28 per share.
CorMedix stock surged about 4% in the after-hours trading as the company beat the quarterly estimates.
Net sales were $163,692 versus $23,210 in the prior year quarter. Operating expenses decreased 52% to $4.9 million. R&D expense decreased approximately 65% to $2.9 million, due to a 77% decrease in clinical trial expense. SG&A expense increased by 4%.
CorMedix, which develops and commercializes therapeutic products for the prevention and treatment of infectious and inflammatory diseases, is developing its lead product candidate, Neutrolin, for potential commercialization in the US and other key markets. If the company gets positive feedback from FDA, it expects Neutrolin to get market approval in 2020.
“We are pleased that our current discussions with the FDA are continuing and we look forward to completing the clinical study report, which is required to demonstrate the safety and efficacy of Neutrolin as a catheter-lock solution for hemodialysis patients. The team continues in parallel to prepare the additional components required for an NDA filing,” said CEO Khoso Baluch.
CorMedix believes that with the receipt of $5.1 million in funding through the recent NJ NOL program it has got sufficient funds to complete the regulatory discussion with the FDA and file an NDA if the FDA agrees with its request to file based on a single study.
Earlier this month, CorMedix regained the compliance with the NYSE American listing requirements. The company implemented the one-for-five reverse stock split on March 26, 2019. Shares of CorMedix hit a fresh 52-week high ($13.70) in February this year.
Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as
Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and
Shares of Tattooed Chef Inc. (NASDAQ: TTCF) have gained 57% over the past 12 months but has dropped 25% since the start of this year. The sentiment on the stock