09:21 AM EDT, 09/08/2025 (MT Newswires) -- CorMedix ( CRMD ) said Monday it has made a $5 million minority equity investment in Talphera ( TLPH ) as part of the latter's private placement financing.

Talphera ( TLPH ) intends to use the proceeds from the investment to fund the completion of its phase 3 registrational study for Niyad, which is being evaluated as an anticoagulant for the extracorporeal circuit, and for preparations before launch, CorMedix ( CRMD ) said.

CorMedix ( CRMD ) said it has received the exclusive right of first negotiation for a potential acquisition of Talphera ( TLPH ) with a 60-day exclusive negotiation period after completion and announcement of the phase 3 study results in connection with the investment, which involves CorMedix's ( CRMD ) acquisition of about 9.1 million Talphera ( TLPH ) shares at an at-market price of $0.55 per share.

Talphera ( TLPH ) also granted CorMedix ( CRMD ) the right to nominate one member to the Talphera ( TLPH ) board, CorMedix ( CRMD ) said.

In a separate statement, Talphera ( TLPH ) said CorMedix ( CRMD ) is the lead investor in its private placement, which has total potential proceeds of up to $29 million.

The $29 million includes $17 million in the first closing that is expected to happen on Wednesday and $12 million in a second closing with institutional investors upon the achievement of the study's primary endpoint, which is the mean post-filter activated clotting time using Niyad compared with placebo over the first 24 hours, Talphera ( TLPH ) said.

Shares of CorMedix ( CRMD ) were up over 2% and Talphera ( TLPH ) rose more than 5% in recent premarket activity.