Exhibit 5.1
Wyrick
Robbins Yates & Ponton LLP
4101
Lake Boone Trail, Suite 300
Raleigh,
North Carolina 27607
March
9, 2018
Board
of Directors
CorMedix
Inc.
400
Connell Drive, Suite 5000
Berkeley
Heights, NJ 07922
Ladies
and Gentlemen:
We have
acted as counsel to CorMedix Inc., a Delaware corporation (the
“Company”), in connection with the registration
statement on Form S-3, to be filed by the Company with the
Securities and Exchange Commission (the “Commission”)
on the date hereof (the “Registration Statement”)
pursuant to the Securities Act of 1933, as amended (the
“Act”), relating to up to $70,000,000 of one or more of
the following securities (collectively, the
“Securities”) which may be issued by the Company, from
time to time, under the Registration Statement: (i) shares of
the Company’s common stock, $0.001 par value per share (the
“Common Stock”), which may include shares of Common
Stock issuable upon the conversion or exercise of the other offered
securities included in the Registration Statement, (ii) shares
of the Company’s preferred stock, $0.001 par value per share
(the “Preferred Stock”), which may include shares of
Preferred Stock issuable upon the conversion or exercise of the
Debt Securities and Warrants (as defined herein) included in the
Registration Statement, (iii) debt securities (the “Debt
Securities”), the terms of which will be determined by the
Board of Directors of the Company prior to the issuance thereof,
(iv) warrants (the “Warrants”) to purchase Common
Stock, Preferred Stock or Debt Securities, and (v) unit
(“Units”) comprised of any combination of the foregoing
Securities.
We also
have acted as counsel to the Company in connection with an offering
of up to $14,100,000 of shares of Common Stock that may be issued
and sold (the “Sales Agreement Shares”) under an At
Market Issuance Sales Agreement, dated March __, 2018, between the
Company and B. Riley FBR, Inc. (the “Sales Agreement”).
The prospectus for the offer and sale of the Sales Agreement Shares
is included in the Registration Statement (as may be amended or
supplemented, the “Sales Agreement
Prospectus”).
In
connection with the foregoing, we have relied upon, among other
things, our examination of such documents, records of the Company
and certificates of its officers and public officials as we deemed
necessary for purposes of the opinions expressed below. In our
examination, we have assumed the genuineness of all signatures, the
authenticity of all documents submitted to us as originals and the
conformity with the original of all documents submitted to us as
copies thereof. We have also assumed,
without independent investigation, that upon the issuance of Common
Stock or Preferred Stock by the Company pursuant to the
Registration Statement and/or Sales Agreement Prospectus, including
upon exercise or conversion of any Debt Securities, Warrants and/or
Units, the total number of shares of Common Stock or Preferred
Stock issued and outstanding will not exceed the total number of
shares of Common Stock or Preferred Stock, as applicable, that the
Company is then authorized to issue under its Certificate of
Incorporation, as currently in effect, and other relevant
documents.
Based
upon the foregoing, we are of the opinion that:
1. With
respect to any offering of Common Stock by the Company pursuant to
the Registration Statement other than pursuant to the Sales
Agreement (the “Offered Common Stock”), when
(a) the Registration Statement has become effective under the
Act, (b) the board of directors or any duly designated
committee thereof has adopted resolutions approving the issuance
and sale of the Offered Common Stock at a specified price or
pursuant to a specified pricing mechanism, (c) if the Offered
Common Stock is to be sold in a firm commitment underwritten
offering or in a best efforts placement offering, an underwriting
agreement or placement agency agreement with respect to the Offered
Common Stock has been duly authorized, executed and delivered by
the Company and the other parties thereto, (d) certificates
representing the shares of Offered Common Stock have been duly
executed by appropriate officers of the Company or appropriate book
entries have been made in the stock records of the Company, and
(e) the shares of Offered Common Stock have been duly and
properly sold, paid for and delivered as contemplated in the
Registration Statement, any prospectus supplement relating thereto
and, if applicable, in accordance with the applicable underwriting
or other purchase agreement, the shares of Offered Common Stock,
will be duly authorized, validly issued, fully paid and
non-assessable.
2. With
respect to any offering of Preferred Stock by the Company pursuant
to the Registration Statement (the “Offered Preferred
Stock”), when (a) the Registration Statement has become
effective under the Act, (b) the board of directors or any
duly designated committee thereof has adopted resolutions approving
the issuance and sale of the Offered Preferred Stock at a specified
price or pursuant to a specified pricing mechanism, (c) a
certificate of designation with respect to the Offered Preferred
Stock has been filed with and accepted for filing by the Delaware
Secretary of State, (d) if the Offered Preferred Stock is to be
sold in a firm commitment underwritten offering or in a best
efforts placement offering, an underwriting agreement or placement
agency agreement with respect to the Offered Preferred Stock has
been duly authorized, executed and delivered by the Company and the
other parties thereto, (e) certificates representing the
shares of Offered Preferred Stock have been duly executed by
appropriate officers of the Company or appropriate book entries
have been made in the stock records of the Company, and
(f) the shares of Offered Preferred Stock have been duly and
properly sold, paid for and delivered as contemplated in the
Registration Statement, any prospectus supplement relating thereto
and, if applicable, in accordance with the applicable underwriting
or other purchase agreement, the shares of Offered Preferred Stock,
will be duly authorized, validly issued, fully paid and
non-assessable.
3. With
respect to any series of the Debt Securities offered under the
Registration Statement, provided that (a) the Registration
Statement has become effective under the Act; (b) an indenture has
been duly authorized and executed by the Company and the applicable
trustee by all necessary corporate action; (c) the issuance and
terms of the Debt Securities have been duly authorized by the
Company by all necessary corporate action; (d) the terms of the
Debt Securities and of their issuance and sale have been duly
established in conformity with the indenture so as not to violate
any applicable law or result in a default under or breach of any
agreement or instrument binding upon the Company, so as to be in
conformity with the Certificate of Incorporation and Bylaws, and so
as to comply with any requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company;
and (e) the Debt Securities have been duly executed and delivered
by the Company and authenticated by the applicable trustee pursuant
to the indenture and delivered against payment therefor, then the
Debt Securities, when issued and sold in accordance with the
indenture and a duly authorized, executed and delivered purchase,
underwriting or similar agreement, will be valid and legally
binding obligations of the Company, enforceable against the Company
in accordance with their terms, except as enforcement thereof may
be limited by applicable bankruptcy, insolvency, reorganization,
arrangement, moratorium or other similar laws affecting
creditors’ rights, and subject to general equity principles
and to limitations on availability of equitable relief, including
specific performance.
4. With
respect to any offering of Warrants by the Company pursuant to the
Registration Statement (the “Offered Warrants”), when
(a) the Registration Statement has become effective under the
Act, (b) the board of directors or any duly designated
committee thereof has adopted resolutions approving the form,
terms, issuance and sale of the Offered Warrants at a specified
price or pursuant to a specified pricing mechanism, (c) if the
Offered Warrants are to be sold in a firm commitment underwritten
offering or in a best efforts placement offering, an underwriting
agreement or placement agency agreement with respect to the Offered
Warrants has been duly authorized, executed and delivered by the
Company and the other parties thereto, and (d) the Offered
Warrants have been duly and properly sold, paid for and delivered
as contemplated in the Registration Statement, any prospectus
supplement relating thereto and, if applicable, in accordance with
the applicable underwriting or other purchase agreement and
otherwise in accordance with the provisions of any applicable
warrant agreement (the “Warrant Agreement”) between the
Company and the purchaser or warrant agent named therein, the
Offered Warrants will constitute valid and binding obligations of
the Company, enforceable against the Company in accordance with
their terms.
5. With
respect to any offering of Units by the Company pursuant to the
Registration Statement (the “Offered Units”), when
(a) the Registration Statement has become effective under the
Act, (b) when the board of directors has taken all necessary
corporate action to authorize and approve the form, issuance,
execution and terms of the Offered Units, the related unit
agreements between the Company and the unit agent or purchaser
named therein (“Unit Agreements”), if any, and any
offered securities which are components of such Offered Units, the
terms of the offering thereof and related matters, (c) if the
Offered Units are to be sold in a firm commitment underwritten
offering or in a best efforts placement offering, an underwriting
agreement or placement agency agreement with respect to the Offered
Units has been duly authorized, executed and delivered by the
Company and the other parties thereto, and (d) the
(1) Offered Units, (2) the Unit Agreements, if any, and
(3) such offered securities that are components of such
Offered Units have been duly and properly sold, paid for and
delivered as contemplated in the Registration Statement, any
prospectus supplement relating thereto and, if applicable, in
accordance with the applicable underwriting or other purchase
agreement and otherwise in accordance with the provisions of any
applicable (i) Unit Agreement and (ii) Warrant Agreement,
in the case of Warrants, such Units will be validly issued and will
entitle the holder thereof to the rights specified in the Unit
Agreements, if any.
6. With
respect to the Sales Agreement Shares, when (a) the
Registration Statement has become effective under the Act, (b) a
definitive Sales Agreement Prospectus is filed with the Commission,
and (c) the Sales Agreement Shares have been duly and properly
sold, paid for and delivered as contemplated in the Registration
Statement and the Sales Agreement Prospectus, the Sales Agreement
Shares will be duly authorized, validly issued, fully paid and
non-assessable.
This
opinion is limited to the Delaware General Corporation Law,
including the statutory provisions of the Delaware General
Corporate Law and all applicable provisions of the Delaware
Constitution and reported judicial decisions interpreting these
laws. We hereby consent to the filing of this opinion with the
Commission as Exhibit 5.1 to the Registration Statement and
reference to our firm under the heading “Legal Matters”
in the prospectuses included therein. In giving this consent, we do
not admit that we are within the category of persons whose consent
is required by Section 7 of the Securities Act or the rules and
regulations promulgated thereunder by the Commission.
Very
truly yours,
/s/
Wyrick Robbins Yates & Ponton LLP