CorMedix (CRMD) Announces Funding Through NJEDA; Progressing Toward CE Approval of Neutrolin

CorMedix Inc. (NYSE: CRMD) has been approved to receive approximately $500K of non-dilutive funding through the New Jersey Economic Development Authority’s (“NJEDA”) tax credit transfer program from the sale of its New Jersey state tax losses. We expect to receive these funds in January 2012. We received approximately $300K of non-dilutive funding through this program in January 2011.

CorMedix continues to make progress towards CE marking approval for its Neutrolin product candidate. During the fourth quarter 2011, the Company successfully completed the stage 1 audit review process of its quality management system with TUV. TUV is an international certification body that specializes in the certification of quality systems. A stage 2 audit is scheduled for the first quarter of 2012. The stage 2 audit involves rigorous internal quality and compliance review of the Company’s quality management system by TUV.

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