CorMedix Inc. (NYSEMKT:CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardiac, renal and infectious diseases, today announced a presentation on Neutrolin® post marketing surveillance data at the 52nd European Dialysis and Transplant Association (ERA-EDTA) Congress. The Neutrolin Usage Monitoring Program is a post-approval surveillance program monitoring the routine use of Neutrolin, a novel catheter lock solution, in hemodialysis patients with tunneled central venous catheters (CVC). The program measures the number of catheter related blood stream infections (CRBSI), and the number of pre-mature CVC removals due to infection and/ or thrombosis. The secondary outcome measure was biofilm formation in CVCs. Other outcome measures included economic effects derived from using Neutrolin and effectiveness in the high risk groups (e.g. diabetic patients).
The poster, titled Neutrolin, A Catheter Lock Solution (CLS) with No Reported Human Resistance, Significantly Reduces the Rates of Infection and Thrombosis in Hemodialysis Patients Enrolled in a Post-Approval Surveillance Study, was presented on May 30, 2015. In 120 patients, the results to-date include three infections and two thromboses in 21,151 hemodialysis catheter-days. The Neutrolin Usage Monitoring Program results can be calculated as 0.14 infections per 1,000 catheter days (versus benchmark of 3.5 per 1,000 catheter days), a 96% reduction in infection rate, and 0.09 thrombosis per 1,000 catheter days (versus benchmark 2-3 per 1,000 catheter days), a 96% reduction in the rate of thrombosis.
“This surveillance data continues to be very encouraging,” said Randy Milby, Chief Executive Officer, CorMedix. “We look forward to continuing to analyze the additional patient data in this effort to develop the optimum catheter lock solution, and address a critical medical need in the hemodialysis, oncology, and intensive care communities.”
Neutrolin is a novel formulation of taurolidine, citrate and heparin 1000 units/ml that provides a combination preventative solution, decreases the triple threat of infection, thrombosis and biofilm to keep catheters operating safely and efficiently by optimizing catheter blood flow while minimizing infections and biofilm formation for oncology, hemodialysis, and intensive care patients. Neutrolin has CE mark approval for use in the European Union and was recently approved to enter a Phase 3 program in the United States. The U.S. Food and Drug Administration (FDA) has designated Neutrolin as a Qualified Infectious Disease Product (QIDP), which provides an additional five years of market exclusivity in addition to the five years granted for a New Chemical Entity under Hatch-Waxman patent exclusivity. (Original Source)
Shares of Cormedix closed today at $7.10, up $1.01 or 16.58%. CRMD has a 1-year high of $10.40 and a 1-year low of $1.25. The stock’s 50-day moving average is $7.36 and its 200-day moving average is $4.85.
On the ratings front, Roth Capital analyst Scott Henry downgraded CRMD to Hold, with a price target of $7.50, in a report issued on May 6. The current price target represents a potential upside of 5.6% from where the stock is currently trading. According to TipRanks.com, Henry has a total average return of 27.0%, a 66.4% success rate, and is ranked #39 out of 3610 analysts.
Cormedix Inc is a development stage pharmaceutical and medical device company. It seeks to in-license, develop and commercialize therapeutic products for the treatment of cardiorenal and infectious diseases, including the dialysis and non-dialysis areas.