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CorMedix Inc. to Raise $2,000,000 in Follow On Offering
Date:1/8/2014

BRIDGEWATER, N.J., Jan. 8, 2014 /PRNewswire/ --- CorMedix Inc. (NYSE MKT: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardiorenal and infectious disease, today announced that it has entered into securities purchase agreements with investors pursuant to which it has agreed to sell 200,000 shares of Series C-3 Non-Voting Convertible preferred stock and a warrant to purchase up to 1,000,000 shares of common stock for aggregate gross proceeds of $2,000,000.  This is the second tranche of funds contemplated and priced in the company's October 2013 Series C preferred stock financing to bolster the Company's cash position which management now projects to be sufficient to fund operations through the achievement of a break even sales run rate.  The net proceeds of the financing will be used for general corporate purposes, including the development and commercialization of Neutrolin®, and working capital and capital expenditures.  No underwriter or placement agent was used in this transaction. 

Management and Board members along with ND Partners, from whom CorMedix licenses Neutrolin, have agreed to purchase $1,325,000 of $2,000,000 to be raised.  CEO Randy Milby stated his gratitude to ND Partners, and the other investors for their long-standing support of CorMedix which has enabled the Company to obtain its CE Mark for Neutrolin and launch the product.

Each share of Series C-3 Stock is convertible into 10 shares of common stock at any time at the holder's option.  In the event of our liquidation, dissolution, or winding up, holders of the Series C-3 Stock will receive a payment equal to $10.00 per share of Series C-3 Stock, subject to adjustment, before any proceeds are distributed to the holders of common stock.  Shares of the Series C-3 Stock will not be entitled to receive a
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SOURCE CorMedix Inc.
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