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The new leadership changes will take forward the firm’s investigational drug product work.
FREMONT, CA: Despite advancements and initiatives to limit infection, catheter biofilm forms within 24 hours and can lead to life-threatening infections, costing the United States’ healthcare system billions of dollars each year. With an estimated 250,000 catheter-related bloodstream infections (CRBSIs) happening each year in the United States, it is no wonder that over 180 in-depth interviews with nephrologists, oncologists, and total parenteral nutrition (TPN) healthcare practitioners have revealed a huge unmet demand for CRBSI treatment. As a result, CorMedix, a biopharmaceutical business, is working on Defencath. This investigational drug product is being developed to prevent CRBSIs in patients with end-stage renal disease who are receiving hemodialysis through a central venous catheter.
“I am honored to take on the role of interim CEO during this important time for the company,” said Matt David, M.D., CorMedix’s EVP and Chief Financial Officer (CFO), who has been named interim CEO by the Board. CorMedix specializes in developing and commercializing therapeutics to prevent and treat infectious and inflammatory diseases. The firm has recently made changes to its executive leadership team. Khoso Baluch is stepped down as Chief Executive Officer (CEO) and resigned from the Company’s Board of Directors, effective October 4, 2021. John Armstrong, CorMedix’s EVP of Technical Operations, has left the company. Further, David’s job as CFO will be retained.
“On behalf of the entire Board, I thank Khoso and Jack for their dedicated service and contributions to CorMedix. Khoso has been instrumental in refocusing the company and guiding it strategically while building a highly experienced executive team,” said Myron Kaplan, Chairman of the Board of Directors. “Matt’s energy and leadership, with the support of CorMedix’s Board of Directors and experienced management team, enable him to continue the important work underway to progress DefenCath, while the CEO search is ongoing.”
The Board is beginning a search process with a leading executive search firm to recognize a permanent CEO. Baluch will serve the organization in an advisory capacity to promote a smooth transition. Phoebe Mounts, Ph.D., Esq., EVP, General Counsel, and Head of Regulatory, Compliance, and Legal, will have direct control over CorMedix’s Technical Operations group, which includes a specialized group of consultants tasked with addressing deficiencies discovered at CorMedix’s third-party manufacturing facility.
“With a strong executive team spanning regulatory, medical affairs, clinical operations and commercial, and a highly supportive Board which includes proven healthcare industry leaders, I believe we are well positioned to continue our efforts to bring DefenCath to the hemodialysis patient community,” commented David.