By Mary de Wet
CorMedix shares lost 18% in after-hours trading Wednesday after the biopharmaceutical company said it planned to sell shares of its common stock as well as pre-funded warrants.
The stock recently traded at $4.15 after closing at $5.07. Shares are up about 20% for the year in regular trade.
CorMedix didn’t specify how many shares it would sell. The company has 51.4 million shares outstanding on a fully diluted basis, according to FactSet.
The company said it would use the offering’s proceeds for general corporate purposes, commercialization efforts, research and development, and working capital and general expenditures.
Last week, CorMedix said the U.S. Food and Drug Administration had accepted the resubmission of its new drug application for its lead product, DefenCath.
Write to Mary de Wet at [email protected]
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