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Wall Street Teacher (a pseudonym) worked on Wall Street for several years in the fixed income area and now teaches and writes on financial topics (primarily regulation and markets). Current interests include the psychology of financial markets, the origins of chemistry/physics, synthetic... More
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  • CorMedix: Let The Auction Begin!

    It has been a busy week for CRMD as the stock surged on news that Evercore has been retained to sell the company. Neutrolin is likely a valuable asset given that it is already approved in the EU and is somewhat de-risked ramping into the US trial. NOLs and QIDP status add to the enterprise value. Cash should not be an issue in that warrants are deeply in the money and Elliot Management has also provided a generous backstop. $10-12 sale on the low end but likely much higher if EU legal proceedings progress. My guess remains a sale to Becton (NYSE:BDX)or Baxter (NYSE:BAX)since these behemoths could exploit the full breadth of the Neutrolin franchise. DaVita(NYSE:DVA) and Fresenius(NYSE:FMS) have deep reach in dialysis but are less likely buyers.

    The other wild card here is a proposal winding thru the Hill that would allow QIDP blessed drug developers to sell off one year of exclusivity to a third party. Perhaps we will see a cash plus CVR deal to account for this potential upside.

    Mar 07 10:27 AM | Link | 3 Comments
  • CRMD----Price And Volume Yet No News

    Interesting price action of the last few sessions. It seems someone suddenly has interest in this relatively unknown issue. My hunch is the QIDP put partnering discussions into overdrive (due to 10 year exclusivity)and that those discussions may have morphed into buyout talks given the company's small size.

    Legal action is moving forward in EU. Dual suits filed---one on IP and the other alleging unfair business practices. The downside for Tauropharm (the alleged interloper) is significant on both the legal and commercial fronts. If CRMD partners or is bought out, TP will be forced to deal with an opponent with global reach.

    Elliot filing concerning "maximizing shareholder value" also adds to my conviction that something is afoot.

    Very hard to guesstimate takeout value here. A significant NOL exists that would have value if the deal is structured correctly. The other issue is how would a potential acquirer value EU franchise given the legal situation. Perhaps cash buyout for U.S. market and a CVR on ROW assets?

    Feb 21 6:39 PM | Link | Comment!
  • CorMedix Conference Call

    This one might be worth listening to. The company has an approved product for sale in EU and is currently in discussions with FDA for a U.S. trial. Product is both safe and efficacious. Sales tem in EU has big pharma experience and has expertise in the dialysis space. IP issue is cloudy in EU but recent ruling(Prosl patent) should strengthen CRMD's hand. Short term catalysts include organic sales , likely partnering outside of EU(Middle East or Asia) and announcements re: approval of U.S. trial design. Longer term IP issue could also provide significant upside as existing provider is likely infringing on IP (see CorMedix S-1 for details).

    Please note that this issuer is not followed on the Street and remains quite illiquid. That said, valuation is exceptionally low in light of approved product status and potential market size of indications(dialysis, oncology, etc. ) for same. This is also a natural fit for the big two in U.S. dialysis space(Fresenius, DaVita) Long here and quite, quite hopeful.

    CorMedix to Report Third Quarter Financial Results on November 19, 2013

    BRIDGEWATER, N.J., Nov. 15, 2013 /PRNewswire/ -- CorMedix Inc. (NYSE MKT: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardio-renal and infectious disease, today announced that the Company will report financial results for the third quarter ended September 30, 2013 after the close of trading on Tuesday, November 19, 2013. CorMedix has filed form 12b-25 with the U.S. Securities and Exchange Commission (the "SEC"), and as a result, the deadline for the Company to file its quarterly report on Form 10-Q with the SEC has been extended to November 19, 2013. CorMedix management will hold a conference call on Wednesday, November 20, 2013, at 9a.m. EST to discuss the results and provide an update on recent business developments. To access the call, please dial 1-866-866-1333 in the United States, and 1-404-260-1421 internationally. A live webcast of the conference call will also be available on the investor relations page of the Company's website at

    Disclosure: I am long CRMD.

    Nov 19 9:46 AM | Link | Comment!
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  • CorMedix: Making Progress In Both EU Commercial And U.S. Regulatory Fronts $CRMD
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  • I'm betting Europe works out. That's bad for the $ but good for gold. I guess the Germans rule the continent without having to fire a shot!
    Jun 4, 2012
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