CorMedix Inc. (NASDAQ: CRMD) stock fell by 1.91% at last close while the CRMD stock price gains by 6.49% in the after-hours session. There is no recent news available regarding this rise in CRMD share price. CorMedix is a biopharmaceutical business that develops and markets therapeutics for the management and cure of infectious and inflammatory disorders. CorMedix’s flagship product i-e DefenCath, is a new antibacterial and antifungal solution which is developed to combat expensive and chronic bloodstream infections and is linked with the use of central venous catheters in chronic hemodialysis patients.
Recent Past Development
CorMedix has approved the acquisition of $1.3 million in potential tax advantages to an unrelated, successful New Jersey business under the New Jersey Economic Development Authority’s New Jersey Technology Business Tax Certificate Transfer program for Fiscal Year 2020. As a result of the selling of these NOL tax benefits, CorMedix has got roughly $1.3 million in cash.
The New Jersey Technology Business Tax Certificate Transfer (NOL) program allows qualifying, unprofitable NJ-based technology or biotechnology companies who have fewer than 225 U.S. workers to sell a portion of their net operating losses and R&D tax credits to unrelated successful firms. This permits qualified technology and biotechnology businesses with net operating losses (NOLs) to convert their tax losses and credits into cash in order to support growth and operations which also includes R&D and other permitted expenses. CorMedix is one of 49 early-stage firms that will receive $54.5 million in tax credit transfers from NJEDA for the 2020 fiscal year.
CorMedix’s management has recently participated in a fireside chat at the JMP Securities Life Sciences Conference which took place on 16 and 17 of June 2021.