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CorMedix's (CRMD) CEO Randy Milby on Q4 2014 Results - Earnings Call Transcript

Mar. 13, 2015 5:36 PM ETCorMedix Inc. (CRMD)7 Comments
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CorMedix Inc (NASDAQ:CRMD) Q4 2014 Earnings Conference Call March 13, 2015 9:00 AM ET


Randy Milby - CEO

Harry O'Grady - CFO

Tony Pfaffle - Chief Scientific Officer


Scott Henry - Roth Capital Partners

Paul Schneider - Private Investor

John Marcel - XG Capital

Dores Steinberg - Private Investor

Charles Perras - Private Investor

Gerry Fershtman - Maxim Group


Greetings and welcome to the CorMedix Fourth Quarter and Year End 2014 Results Conference Call. At this time all participants are in a listen-only mode. A question and answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

I would now like to turn the conference over to our host Mr. Randy Milby, Chief Executive Officer for CorMedix. Thank you sir, you may begin.

Randy Milby

Good morning and welcome to the CorMedix, fourth quarter 2014 conference call. I will begin by providing you with an update on our commercial strategy and operational progress. Then Harry O'Grady our CFO, who is here with me today in New Jersey, will provide a more detailed summary of our financial results.

First, I want to remind you that this conference call may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements other than statements of historical facts regarding management's expectations, beliefs, goals, plans or the Company's prospects, future financial position, future revenues and projected cost should be considered forward-looking.

Our actual results may differ materially from these projections or estimates due to a variety of important factors including uncertainties related to clinical development, regulatory approvals and commercialization. These risks are described in greater detail in CorMedix filing with the SEC, copies of which are available free-of-charge at the SEC's Web site

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Comments (7)

GibraltarAssetMgmt profile picture
The CFO mentioned "tight margins" many times. This is a negative. Basically, Neutrolin is being sold below cost.

The theory behind Neutrolin cost is in the cost of the ingredients, so to speak. Like 50% or 70% rubbing alcohol.

CE Mark is Europe. FDA approval is far more stringent. CEO rhetoric is sketchy. Use of the word "de-risked" by CEO is irresponsible and misleading. FDA is not going to give Neutrolin special treatment for approval.

Truly, the product has merit. But from an investor standpoint, the reasons for the stock rise don't justify the risk. Dilution, future and current, of investors will depress stock price.
It is very interesting this debate.
I am a new investor and I have read the discussions between anomaly1 and AggieInvestor.
I will protect my shares when there is a drop in share price.
I like the approach made by AggieInvestor.I assume he is a doctor.But ,I am reluctant when I read his words as stated above: " Data on safety/efficacy piling up. Slam dunk phase 3 when this gets started, though I bet it is under management of a different company by then. Will be sold IMHO before any trial starts. Circle 3/27/2015 on calendar. Will hear from Germany courts. Could add a few bucks to share price with favorable ruling."
These words are correct IF everything turns out that way.For me ,I say: be careful.
I think nobody knows the answer.
I want that the shares rise till the moon,that s way I bought them.
Sorry for any grammar mistakes,because english is not my first language.
AggieInvestor profile picture
Marc, I agree that shares rising to the moon would be wonderful, however a little healthy consolidation is not a bad thing either. This has very likely frustrated the shorts as they would have predicted a much more significant give back.
Hold on to your shares. There is a decision on an intellectual property case coming out of Germany on 3/27/2015 that could give CRMD a little pop up if it is a favorable ruling. Additionally, I say the Phase III is a slam dunk mostly because if you look at their data from the studies in the EU, Neutrolin decreases the risk of infection 95%. While a phase III trial is done because there is still some degree of uncertainty within the FDA's mind about efficacy, the 10 year history of Taurolidine use in the EU (sold currently as Taurolock by TauroPharm--who CRMD claims stole their IP), and much other data, the Phase III trial should be significantly "de-risked." CRMD plans to present their monitoring data that they presented in the conference call soon at some medical conferences.
AggieInvestor profile picture
Awesome conference call. First time ever dialing in. Sounded very confident (you don't get that sense from just reading reports though maybe this is a new mojo sue to the recent market response). Data on safety/efficacy piling up. Slam dunk phase 3 when this gets started, though I bet it is under management of a different company by then. Will be sold IMHO before any trial starts. Circle 3/27/2015 on calendar. Will hear from Germany courts. Could add a few bucks to share price with favorable ruling.
anomaly1 profile picture
"A variety of very high level people who have contributed to this effort to move the process forward and whether we go it on our own or we go it with a partner that Evercore finds, we’re ready." - Tony Pfaffle - Chief Scientific Officer

Evercore obviously has not found a buyer.
GibraltarAssetMgmt profile picture
The cat is out of the bag. The profit margins for a solution are far less than for drugs. Basically there is less than a 1% chance there will be a buyer for Cormedix, Neutrolin pre-FDA decision. Risking 10s of $millions$ of dollars for an unapproved product with low percentage profit margins is not in the interest of medical product companies. Perhaps in 2017, the company will find a partner to pay for marketing and sales, but now they will have to raise money on their own for trials and operations.
anomaly1 profile picture
Basically this tells me, there is no partner for phase III.

Stock price is a great exit for holders of warrants and convertible shares.
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