Retiring CorMedix CEO Khoso Baluch

A month af­ter a man­u­fac­tur­ing hic­cup led to a CRL, CorMedix CEO will re­tire

Af­ter more than 5 years at the helm of New Jer­sey-based bio­phar­ma CorMedix, Khoso Baluch is re­tir­ing, and the move has trig­gered a rip­ple of change with­in its ex­ec­u­tive lead­er­ship team, lead­ing CFO Matt David to take over as in­ter­im CEO, while main­tain­ing his cur­rent role.

The de­par­ture comes about a month af­ter de­lays at a con­tract man­u­fac­tur­er led to the re­sub­mis­sion of a new drug ap­pli­ca­tion for De­fen­Cath, an an­tibac­te­r­i­al and an­ti­fun­gal treat­ment to pre­vent blood­stream in­fec­tions in pa­tients un­der­go­ing chron­ic he­modial­y­sis. The drug was grant­ed fast-track des­ig­na­tion by the FDA, but de­lays at the CMO’s site led to a com­plete re­sponse let­ter.

Stocks plum­met­ed 24% af­ter news of the de­lays broke. Be­fore the open­ing bell Tues­day, CorMedix’s stock was val­ued at $4.82. The FDA has ap­par­ent­ly told the com­pa­ny that the de­lays were un­re­lat­ed to the man­u­fac­tur­ing of De­fen­Cath.

David joined CorMedix in May 2020 as the CFO and EVP, com­ing over from Ovid Ther­a­peu­tics, where he spent about two years as the head of strat­e­gy. The ma­jor­i­ty of his ca­reer has been in health­care bank­ing, and he re­ceived his MD from New York Uni­ver­si­ty School of Med­i­cine in 2003.

As the com­pa­ny’s board of di­rec­tors — which Baluch al­so re­tired from — moves to re­place the for­mer CEO, Baluch will serve as an ad­vi­sor to en­sure a smooth tran­si­tion.

“I am hon­ored to take on the role of in­ter­im CEO dur­ing this im­por­tant time for the Com­pa­ny,” David said in the press re­lease. “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.”

John Arm­strong, the EVP for tech­ni­cal op­er­a­tions, al­so re­tired Mon­day. Phoebe Mounts, EVP and head of reg­u­la­to­ry com­pli­ance and le­gal, will have di­rect au­thor­i­ty over the com­pa­ny’s tech­ni­cal op­er­a­tions group, in­clud­ing a group of con­sul­tants that are work­ing on ad­dress­ing the sit­u­a­tion with the CMO.

My­ron Ka­plan, the chair­man of the board, said in a state­ment:

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. 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.

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