Shares of CorMedix Inc. plunged 22% in premarket trade Friday, after the biopharmaceutical company said it currently didn't have enough cash to fund operations through 2017, given expected clinical trial expenses. The company had $20.2 million cash on hand at the end of 2016, down from $35.4 million a year ago. CorMedix said in a statement that it was "exploring various funding opportunities" while it aims to optimize its cash, as it proceeds with a phase 3 trail of Neutrolin in hemodialysis patients. Separately, CorMedix reported a 2016 loss of $24.6 million, or 65 cents a share, compared with a loss of $18.2 million, or 58 cents a share in 2015. Losses from operations were $24.8 million, resulting primarily from a significant increase in clinical trial expenses, and new product development expenses. "We are committed to unlocking significant long term value for our shareholders by successfully completing our Phase 3 studies and launching Neutrolin into a broad and sizable U.S. market upon potential approval.," said Chief Executive Khoso Baluch. The stock has rallied 28% over the past three months through Thursday, but was still down 12% over the past year. The S&P 500 has run up 17% over the past 12 months.
Continue Reading Below
Copyright © 2017 MarketWatch, Inc.