What happened Shares of CorMedix (NASDAQ: CRMD) were crashing 40.4% as of 12:23 p.m. EST on Monday. The steep decline came after the company announced that the Food and Drug Administration isn't approving CorMedix's Defencath, an antibacterial/antifungal catheter lock, for preventing blood infections associated with the use of catheters in hemodialysis. So what Many investors were banking on Defencath receiving a thumbs-up from the FDA. The massive sell-off of the biotech stock today isn't a surprise considering the disappointing news. Image source: Getty Images. The FDA's Complete Response Letter (CRL) mentioned concerns at CorMedix's third-party manufacturing facility but didn't provide details. The agency is also requiring that the company conduct a manual extraction study to show that the volume on the label on vials can be consistently withdrawn from the vials. There were some positives for CorMedix, though. The FDA didn't request any additional clinical data. It didn't point out any safety or efficacy issues with Defencath. Most important of all, the company still has a path to potential approval. Now what CorMedix hopes to meet with the FDA by mid-April. CEO Khoso Baluch said that the company "intends to work closely" with the agency to resolve any issues. It's possible that today's bad news will be only a temporary setback. 10 stocks we like better than CorMedixWhen investing geniuses David and Tom Gardner have an investing tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and CorMedix wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks Stock Advisor returns as of 2/1/20Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source