NYSE MKT to continue CorMedix's listing

CorMedix Inc.Jun 1 2013

CorMedix Inc. ("CorMedix") (NYSE MKT: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardiorenal disease, has received a notice from the NYSE MKT that CorMedix made reasonable demonstration of its ability to regain compliance with Section 1003(a)(i) of the NYSE MKT Company Guide ("Company Guide") by October 20, 2013. Therefore, during this time, NYSE MKT will continue CorMedix's listing through October 20, 2013. On April 5, 2013, the NYSE MKT notified CorMedix, that it reported stockholders' equity of less than $2 million as of December 31, 2012, and incurred losses from continuing operations and/or net losses in two of its three most recent fiscal years December 31, 2012. As a result, CorMedix again became subject to the procedures and requirements of Section 1009 of the Company Guide.

As previously reported, CorMedix had received notice on April 20, 2012 from the NYSE MKT informing it that CorMedix was not in compliance with Section 1003(a)(iv) of the NYSE MKT's continued listing standards due to financial impairment. CorMedix was afforded the opportunity to submit a plan to the NYSE MKT to regain compliance and, on May 17, 2012, presented its plan to the NYSE MKT. On June 27, 2012, the NYSE MKT accepted CorMedix's plan and granted it an extension until August 22, 2012 to regain compliance with the continued listing standards. On September 21, 2012, the NYSE MKT notified CorMedix that it granted CorMedix another extension to January 31, 2013 and on February 1, 2013, NYSE MKT notified that CorMedix was further granted extension until April 15, 2013. On April 18, 2013, a notice was received from NYSE MKT that it granted CorMedix an extension until June 30, 2013 to regain compliance with the continued listing standards of the NYSE MKT.

CorMedix remains subject to the conditions set forth in the NYSE MKT's letters dated April 20, 2012, and April 5, 2013. If CorMedix is not in compliance with all of the NYSE MKT's continued listing standards of both Section 1003(a)(i) and Section 1003(a)(iv) within the respective timeframes provided, or does not make progress consistent with either plan or the new plan to be submitted to the NYSE MKT during the respective plan period, the NYSE MKT will initiate delisting proceedings. CorMedix is not eligible for any extension after October 20, 2013.