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Cormedix- Lottery Ticket or Wallpaper??

2011 is over. I must admit my interesting speculation (Cormedix-CRMD) has been a black hole. By far, it has been my worst investment of the year. The company has given back rights to one drug and is desperately trying to conserve cash.The CEO has been replaced as well. A recent grant will keep the lights on for several months-enough time to see how this story ends.

The only faint hope here is an outside shot at Mark approval (European approval process) on CRMD's catheter drug. If CRMD does eventually get Mark approval and a subsequent distribution deal, probably makes this a $2 stock since the company has a very low cost structure and would essentially become a simple royalty collector with most of the dollars falling to the bottom line. That said, management has no record success on either the scientific or business fronts. Any delay or outright rejection by the European regulators puts this at ZERO.

Bottom Line: CRMD is an interesting Lottery ticket at this point. The potential is here for a multi-bagger based on Mark approval but it is just as likely(if not greater chance) we see a chapter 7 filing within the year.

UPDATE: A Small Positive- Insiders have made some modest share purchases over the past few weeks as tax-loss selling has pressured the already depressed shares. 

Disclaimer:  I bought more shares this week but most likely this one is going to be added to my wall paper collection.