ARTICLE | Financial News

CorMedix prices IPO

March 26, 2010 12:37 AM UTC

CorMedix Inc. (NYSE-A:CRMD) raised $12.5 million through the sale of 1.9 million units at $6.50 in an IPO underwritten by Maxim Group. Each unit comprises two shares and a five-year warrant to purchase one share at $3.44. Based on a value of $3.25 per share, CorMedix is valued at $37.1 million. CorMedix amended the offering this month to sell 1.7 million units at $6-$8. CorMedix was up $0.18 to $6.68 per unit in its first day of trading on Thursday. The units will separate within 60 days, with each share of stock and the warrant trading independently. ...