What the Abbott deal means for Cormedix (AMEX: CRMD) ?

Abbott Laboratories recently announced  it will pay $450 million for rights to Reata Pharmaceuticals' experimental kidney disease drug outside the United States and for a minority stake in the privately held company.

The two companies entered into an agreement to develop and commercialize bardoxolone methyl, which is currently in late Phase 2 clinical trials for the treatment of chronic kidney disease. The drug is expected to enter late-stage Phase 3 development either late this year or early 2011, an Abbott spokeswoman said.

This article at BioWorld talks about how a financing this summer for Reata actually sped up the partnering process:

"When Reata Pharmaceuticals Inc. closed a $78 million Series G financing in July to push its chronic kidney disease drug bardoxolone to a new drug submission, CEO Warren Huff acknowledged that the Irving, Texas-based firm was looking for commercialization help outside the U.S. "That financing actually gave us a good position to move into [partnering] negotiations," he told BioWorld Today."

Marie Daghlian at Seeking Alpha covers some other tranactions in the market:

"Medical device company Asthmatx’s agreed to be acquired by Boston Scientific (BSX) in a structured deal worth as much as $443.5 million. Boston Scientific is paying $193.5 million cash upfront and up to $250 million contingent upon achievement of specified revenue-based milestones through 2019.

Other biotechs garnered their cash from VCs. Immatics Biotechnologies raised $71 million in a series C financing round from Dievini Hopp Biotech, Wellington Partners and other existing shareholders, and new investors MIG-advised funds and AT Impf. The money will allow the company to start a late-stage trial of its lead therapeutic cancer vaccine candidate in renal cell carcinoma, and continue development of its pipeline of therapeutic vaccines. Immatics presented mid-stage results at the ASCO meeting in June."

Investors should keep their eye on Cormedix over the next two quarters.

CorMedix (AMEX:CRMD) - Rodman & Renshaw wrap-up

Last week, CorMedix (AMEX: CRMD) presented at Rodman & Renshaw's 2010 Annual Global Investment Conference in New York. UNIS was one of the featured corporate presentations in the Healthcare tract.The focus of the presentation was:

• Two products entering late stage clinical development;
• Reduced development and regulatory risk;
• Pipeline of additional products and indications;
• World commercialization rights.

CRMD Rodman & Renshaw Conference Presentation

About Rodman & Renshaw

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.

For more information visit Rodman & Renshaw on the Internet at www.rodm.com

Griffin Securities issues $6.00 price target for Cormedix

Griffin Securities are initiating coverage on CorMedix Inc. (NYSE AMEX: CRMD) with a BUY rating and a 12 - month price target of $6.00 for CRMD shares.

Griffin Securities is a research-driven investment banking firm providing corporate finance, merger & acquisitions, brokerage, and investment opportunities for institutional, corporate, and private clients. The firm is a member of the Financial Industry Regulatory Authority (FINRA) (www.finra.org) and the Securities Investor Protection Corporation (SIPC) (www.sipc.org). Griffin Securities is headquartered in New York City and has no other domestic or international affiliates or subsidiaries. They focus on small to medium sized public and private companies provides the highest level of service to clients. In addition to the private placement of equity and debt securities with institutional investors and high net worth individuals, our investment banking services include financial advisory services, such as mergers and acquisitions, joint ventures, and capital market transactions.

CorMedix Inc. (AMEX:CRMD) is a pharmaceutical company that seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiac and kidney (cardiorenal) disease.

Cardiorenal disease includes a broad range of inter-related cardiovascular, kidney and metabolic problems which share the common trait of underlying oxidative stress and blood vessel malfunction (endothelial dysfunction).

Griffin Securities Report on Cormedix.

CorMedix (NYSE Amex: CRMD) - Second Quarter Summary

Cormedix (AMEX: CRMD) released their second quarter earnings on August 12, 2010. With their IPO in March 2010, this was the first full quarter of reporting by Cormedix. Some highlights include:

• CorMedix had cash and cash equivalents of $10.6 million, and CorMedix believes its currently available cash and cash equivalents will be "sufficient to meet its planned clinical development and operating requirements through the end of the first quarter of 2012."
• As written by Doug Landy, CRMD "dosed" the first patient in Phase II Clinical Trial of CRMD001.
• The increase in R&D expense was attributable to clinical development costs associated with CorMedix’s Phase II clinical trial of CRMD001 (a proprietary formulation of deferiprone), which commenced in June 2010, and higher manufacturing costs for CRMD003 (Neutrolin®) in connection with CorMedix’s preparation for an Investigational Device Exemption submission by the end of 2010.
• Cormedix was added to Russell Microcap^® Index
• An additional US Patent was issued for Neutrolin^® (CRMD003) to Prevent Catheter Related Bloodstream Infections (“CRBI”) and Clotting in Hemodialysis Catheter.

CRMD Press Release - 2nd Quarter Results

CorMedix (NYSE Amex: CRMD) Announces Appointment of Key Positions

CorMedix (NYSE Amex: CRMD) announced two additions to their management team today. They were:

1. Robert D. Hopkins as head of clinical operations and project management. Dr. Hopkins has over a decade of clinical operations and project management experience, with a Doctorate of Veterinary Medicine and Masters of Science Biology. Most recently, Dr. Hopkins served as associate director, project management at Quintiles Transnational, Inc., where he had the responsibility of managing multiple projects, establishing SOPs, policies and procedures for client’s clinical programs. Dr. Hopkins’ prior experience includes serving as the senior project manager for PRA International, and clinical trial project manager at Pfizer, Inc., and
2. Dilip Wadgaonkar as head of product development and manufacturing.Mr. Wadgaonkar brings to CorMedix over 20 years of formulation and manufacturing experience, with a Ph.D. in Pharmaceutics and a Masters of Science and Pharmacy. Most recently, Mr. Wadgaonkar served as head of research and development at Sun Pharmaceutical Industries Inc., where he was responsible for establishing the research and development manufacturing processes, and supporting the regulatory affairs divisions for all new drug applications. Mr. Wadgaonkar’s prior experience includes serving as the vice president of research and development for Interpharm Inc., where he oversaw research and development activities including formulation development, analytical aspects, Abbreviated New Drug Application compilation and technology transfer, in addition to serving at Barr Laboratories, Hoffman La Roche, and Wyeth.

Full Press Release

CorMedix (AMEX: CRMD) - Research report issued by Crystal Research Associates

Crystal Research Associates, LLC announced today that it has issued an Executive Informational Overview® (EIO®) on CorMedix Inc. (CRMD-NYSE Amex).

Download PDF of Crystal Research report

CorMedix Inc. is focused on treating cardiorenal diseases, which entails addressing kidney dysfunction and its cardiovascular complications. CorMedix's lead product candidates are Neutrolin® and deferiprone. Neutrolin® is a catheter lock solution for chronic central venous catheters (CVCs), which are a type of catheter commonly used by hemodialysis patients, among other individuals. Neutrolin®, which has antimicrobial, antifungal, and anticoagulant properties, has been shown to reduce the likelihood of contracting a catheter-related bloodstream infection (CRBSI) by approximately 90% in hemodialysis patients. To CorMedix's knowledge, there is no approved combined antimicrobial and anticoagulant catheter-locking solution for the prevention of CRBSI in the U.S. today. The Company is working to submit an Investigational Device Exemption (IDE) by the end of 2010, which would enable the start of clinical trials for Neutrolin® in early 2011.

CorMedix is also developing proprietary formulations of deferiprone, a generic pharmaceutical that is commercially available in over 50 countries for removing iron from the body. However, it is not yet marketed in the U.S. CorMedix believes that it possesses novel formulations of immediate and extended-release deferiprone that are not available elsewhere. The FDA has approved Investigational New Drug (IND) applications for deferiprone to prevent contrast-induced nephropathy (CIN) and to treat chronic kidney disease (CKD). The Company commenced a Phase II biomarker proof-of-concept study of deferiprone in June 2010.

In March 2010, CorMedix completed an initial public offering (IPO) on the NYSE Amex for approximately $10.4 million in net proceeds, which the Company primarily intends to use in further clinical development of Neutrolin® and deferiprone.

National Securities Issues "Buy" Rating on CorMedix (CRMD)

National Securities initiated research coverage of CorMedix with a "Buy" rating. National stated:

"We see the Company as ideally positioned at the cardio-renal crossroads; that is, treating kidney diseases and reducing the commonly associated cardiovascular and metabolic complications, in effect, “treating the kidney to treat the heart.” The two products driving the story are Deferiprone for the prevention of contrast induced nephropathy (CIN) in high risk patients and Neutrolin (catheter lock solution) for the prevention of central venous catheter infection and maintenance of catheter function in hemodialysis patients."

National Securities - Cormedix Research Report - PDF

CorMedix (AMEX:CRMD) - Added To Russell Microcap® Index and Doses First Patient in Phase II Clinical Trial of CRMD-001

CorMedix (CRMD) has been added to the broad-market Russell Microcap® Index when Russell Investments reconstituted its comprehensive set of U.S. and global equity indexes on June 25, 2010.

Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

"We are delighted that CorMedix has been included in the Russell Microcap Index, as it adds greater visibility for CorMedix and could lead to a broader stockholder base,” stated Brian Lenz, CorMedix’s CFO.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $3.9 trillion in assets currently are benchmarked to them. Annual reconstitution of Russell Indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000® Index and Russell Microcap.

Additionally, CorMedix announced dosing of the first patient with CRMD-001 (a proprietary formulation of deferiprone) in a randomized, double-blind, placebo-controlled clinical trial. This Phase II proof-of-concept study is for the prevention of contrast-induced acute kidney injury in approximately 60 high-risk patients with chronic kidney disease (CKD) and additional risk factors, who are undergoing coronary angiography with the intent of adjunctive percutaneous coronary intervention (PCI). This study is currently being conducted at two study centers in the United States: Providence Hospital and Medical Center in Southfield, MI and Northern Michigan Regional Hospital in Petoskey, MI.

Cormedix in Boston Business Journal

A promising infection fighter whose development was stalled by bankruptcy several years ago has regained momentum, thanks to Boston-based investors who carried the torch for a treatment that could cut the death rate among kidney dialysis patients.

Neutrolin, an anti-bacteria liquid, is back in development with the goal of preventing catheter infections during kidney dialysis. Biopharmaceutical company CorMedix Inc., which raised $12.5 million through an initial public offering in March, forecasts the treatment could hit the U.S. market by 2013.

“So many people die of infection,” said Frank Prosl, a Duxbury engineer who received the patent on Neutrolin. “There is no fundamental treatment in the market to correct this.”

Prosl helped found Mansfield-based BioLink Corp., which developed a way to prevent infection from invading the inside of catheters used for kidney dialysis. Previously, it was thought that the insertion of catheters introduced infection from the outside into the patient, Prosl said.

 

Paid Article @ Boston Business Journal 

 

Research Coverage initiated on Cormedix (AMEX: CRMD) by Maxim Group with a $5.00 price target

Maxim Group has initiated research on Cormedix and have put out a $5.00 price target on the stock. You can download the report at:

June 3, 2010 - Maxin Group initiates resarch coverage on CRMD

From the Maxim report:

"We are initiating coverage of CorMedix Inc. (CRMD) with a Buy rating and 12-month price target of $5.00. CorMedix Inc. is a biopharmaceutical company with two leading developing products. The first, Neutrolin, is scheduled to commence a pivotal trial for its potential as a catheter lock solution for the prevention of central venous catheter infection in hemodialysis settings. The second, Deferiprone, should soon enter a Phase II study for the prevention of contrast-induced nephropathy (CIN) in high-risk patients. Given its insufficient exposure to investors, we believe the stock’s current valuation is not inline with its potential upside. As such, we are recommending CRMD with a Buy rating and 12-month price target of $5.00 for risk-tolerant investors."