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.