$CRMD Read from YESTERDAY. Needham initiates CRMD with a Buy and price target of $31. Analyst Chad Messer said, "CorMedix is developing Defencath as a first-in-class catheter lock solution (CLS) to prevent Catheter-Related Bloodstream Infections (CRBSIs). Many thousands of U.S. patients have central venous catheters (CVCs) as part of their treatment. These include those who regularly receive dialysis, parenteral nutrition, chemotherapy, or other infused therapies. Catheter maintenance involves flushing the catheter lock with a heparin solution after used to maintain cleanliness and prevent coagulation. While heparin may prevent coagulation, CRBSIs still occur with potentially lethal complications. The initial indication for Defencath is in hemodialysis. Due to a lack of competition, we estimate > $500M of U.S. sales by 2025. CorMedix has completed a successful pivotal study and filed for FDA approval, which we expect by the February 28th PDUFA date."
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