Exactly, it's either a very bullish bet or they are just hoping the strike is reset. Volume was higher for the warrants today than the stock, which is odd.
It's possible whoever is buying the warrants is hoping for settlement with TauroPharm in the next 6 months. That's the only potential event I see which could increase CorMedix revenue substantially and cause the price to move north of $5. If the lawsuit drags on for years, then I would say there is a 90% chance the warrants are worth $0-0.50 next March.
No it was the $3.10 warrants that were adjusted down to $2.50. The $3.10 warrants were issued March 2014. These publicly traded warrants at $3.43 are from the IPO. They have not been adjusted.
My understanding is those $3.43 warrants have been converted to a $2.50 price. Still significantly higher than we are now with 6 months expiration. A positive sign.
That is correct, now almost noon on the east coast, zero volume. Pretty amazing. The stock isn't halted.
The even more amazing thing is that the warrants are showing 11,600 in volume, and they have a strike of $3.43 and expire in 6 months.
I've been holding the majority of my shares for over 2 years. What's a couple more years? QIDP /GAIN whatever you want to call it will be huge if they get it.
This issue will likely grind higher as they file IND. If we get GAIN Act status(+ 5 yrs exclusivity) this is astonishingly cheap. The lawsuit and progress in the EU /Asia are the wild cards but these likely will take time to play out. EU launch has been disappointing to date but I suspect they were under pricing pressure from TP and hence the lawsuit.
The flip side is that FDA is under immense pressure to some of the nasty antibiotic resistant bugs out there---hence the GAIN Act. I agree with your premise overall and still remember when CRMD went thru the drug or device dance with FDA. With GAIN, maybe, just maybe, for once the political winds may be blowing in our favor.
"The important thing is that it is submitted correctly".......and therein lies the rub. Even if it is submitted correctly the FDA can have multiple personality disorder. Whatever reviewer/regulator was working with them for the submission may get reassigned or even leave the agency and the next reviewer up will not be the same one that gave the company the "warm and fuzzies" and want to validate their existence by either crushing the submission or set it back 6-12 months with endless questions. Not to be missed too is the historical nature of the bad morale at the FDA (why regulators move around and even out of the agency so much). Like I have said before, there are too many "known unknowns" when it comes to the FDA and I expect this will not go smoothly. I have seen too many good small companies needlessly harmed by their subtle poison.........Czar
Such is the lot of a small company. The important thing is that it is submitted correctly. I remain hopeful here. Today's news takes one giant overhang away. Hopefully we get some wind back in the sails as these guys continue to exhibit competancy.
The German lawsuit is also interesting. I hope CRMD hired pitbulls to eat the TauroTHIEVES legal Rotweilers. I also hope Elliot provides some guidance since they are legal Jedis.
Downside is significant for the Germans IF IF IF we eventually get a positive ruling. I am unsure if there are clawback provisions under German law but will check.
to find someone in accounting to reclassify the warrants then there is real trouble in CRMDville...That is all they have to say, what a joke...... 300k per year and 5 months to file a lawsuit and change warrant structure....
They need to get IND filed and then (hopefully) be garnered PATH status. PATH status would give them significantly more bargaining power in a US partnering negotiation. As for EU----I suspect we don't hear much until the two parties (CRMD and TP meet face to face. It is a shame; I always thought the two would come to an agreement. TP has much to lose and has no shot at US sales . CRMD will spend the money and worst case, be exactly where they are right now (weak EU sales and a potential FDA trial).
truely the patent infringement will drag on for the better part of a year, the IBB has been trending lower since labor day and no news from the co. of any consequence.........ergo = inertial+ lower price= unhappy holders