CorMedix, a biopharmaceutical company based in Berkeley Heights, N.J., experienced a surge in shares, rising by 17% to $3.67 in early trading. This increase follows the company’s announcement of better-than-expected losses per share.
Despite a 25% drop in stock value for the year thus far, CorMedix remains optimistic about its future prospects. In the third quarter ended September 30, the company reported a widened loss of $9.8 million, or 17 cents per share, compared to $6.9 million, or 17 cents per share, in the same period last year. Analysts polled by FactSet forecasted a loss of 21 cents per share, making CorMedix’s performance surpass expectations.
Sales for the quarter were nonexistent, contrasting with $6,817 in sales during the same period last year. Nevertheless, CorMedix aims to launch its product, DefenCath, commercially by the first quarter of 2024 if it receives final approval from the Food and Drug Administration in the upcoming days.
Chief Executive Joe Todisco expressed satisfaction with the company’s progress and emphasized the positive outcomes of preapproval inspections at their primary CMO facility and other key vendors. Additionally, preparations for commercial readiness are underway.
In conclusion, CorMedix’s recent spike in shares and its ability to surpass loss expectations sets a promising tone for the future. With DefenCath potentially receiving FDA approval soon, the company aims to achieve significant milestones in the coming years.