CorMedix Inc. — Director's Dealing 2010

Apr 14, 2010

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: CorMedix Inc. (CRMD.U)
CIK: 0001410098
Period of Report: 2010-03-24

Reporting Person: PHARMABIO DEVELOPMENT INC (10% Owner)

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
12% Convertible Notes	$		Units consisting of common stock and warrant (394781)		Direct

Footnotes

F1: On April 9, 2010, Cormedix, Inc. (the "Issuer") notified PharmaBio Development Inc. ("PharmaBio") that, based on the pricing on March 25, 2010 of its initial public offering of 1,925,000 Units at $6.50 per Unit, the automatic conversion of PharmaBio's 12% Convertible Notes into Units upon the consummation at the Issuer's initial public offering had resulted in PharmaBio being the beneficial owner of over ten percent of the Issuer's common stock on a fully diluted basis. Each Unit consists of two shares of common stock and a warrant to purchase one share of common stock at an exercise price of $3.4375 per share.

F2: Each warrant will become exercisable upon the earlier to occur of the expiration of the underwriters' over allotment option or its exercise in full (in connection with the Issuer's initial public offering), and will expire on March 24, 2015, or earlier upon redemption. The Units will automatically separate and each of the common stock and warrants will trade separately on the NYSE Amex on May 23, 2010 unless an earlier date is specified by the underwriters for the Issuer's initial public offering.

F3: The Issuer advised that the $2.0 million outstanding principal amount of the 12% Convertible Notes, and all accrued interest thereon ($566,080), had automatically converted into 394,781 Units, representing 789,563 shares of common stock and warrants exercisable to acquire 394,781 shares of common stock at a price of $3.4375 per share. Each warrant will become exercisable upon the earlier to occur of the expiration of the underwriters' over allotment option or its exercise in full, and will expire on March 24, 2015, or earlier upon redemption.