As per the revised deal, both the parties have decided to widen the development obligation milestone for the initiation of patient dosing in a phase III pivotal trial for CRMD001 from 30 September 2011 to 31 March 2012 and in addition enable the development of the diagnostic technology (CRMD002) independently of CRMD001.
Under the deal, CorMedix is entitled to pay a sum of $100,000 to Shiva in September 2011, with additional payments of $450,000 on or about 31 December 2011 and 31 March 2012, if CorMedix elects to pursue the Phase III pivotal development of CRMD001.
CorMedix president and CEO John Houghton said these extensions will enable them to effectively analyze the Phase II data for CRMD001 that is expected to be announced by the end of the third quarter 2011 and pending those results, it will allow them to plan for the potential Phase III pivotal trial expected to begin during the first half of 2012.