CorMedix falls after unveiling $85 mln stock offering
CorMedix's CRMD.O shares down 10.4% post-market to $13.40 as co looks to raise equity
Berkeley Heights, New Jersey-based biopharma announces $85 mln stock offering with RBC as sole bookrunner
It intends to use net proceeds for general purposes, including working capital, R&D expenses related to product candidates development, and potential strategic transactions or collaborations
Co focused on commercializing its lead product DefenCath, which is used to prevent infections in catheters, a thin tube used in medical procedures
With ~67.8 mln shares outstanding, co has $1 bln market cap
CRMD shares on Thurs closed down a penny at $14.96
Stock has risen 143% this quarter, putting them up 85% YTD
All 6 analysts are bullish on CRMD and median PT is $19.50, LSEG data reflects
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