SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

PHARMABIO DEVELOPMENT INC

(Last)

(First)

(Middle)

C/O QUINTILES TRANSNATIONAL CORP.

4820 EMPEROR BLVD

(Street)

DURHAM

27703

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
CorMedix Inc. [ CRMD.U ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/30/2010

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.001 par value per share	03/30/2010		C		789,563	A	⁽¹⁾⁽²⁾	789,563	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
12% Convertible Notes	⁽¹⁾⁽²⁾	03/30/2010		C			394,781	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Units consisting of common stock and warrant⁽³⁾	394,781	$0	0	D
Warrants issued as part of Units	$3.4375	03/30/2010		C		394,781		⁽¹⁾⁽²⁾	03/24/2015	Common Stock, $0.001 par balue per share	394,781	⁽¹⁾⁽²⁾	394,781	D

Explanation of Responses:

1. 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.

2. 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.

3. 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

	/s/ Beverly L. Rubin, Secretary	04/14/2010
	** Signature of Reporting Person	Date
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