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- Dimerix (DXB) receives firm commitments to undertake a two-phase placement to raise $20 million
- Roughly 100 million new fully paid ordinary shares will be issued to institutional, professional and sophisticated investors at 20 cents
- In addition, Dimerix will also be launching a share purchase plan (SPP) to raise a further $2 million
- Dimerix will use the funds from both the placement and SPP to fund the DMX-200 phase three trial in Focal Segmental Glomerulosclerosis (FSGS)
- Shares in Dimerix are up 43.6 per cent, trading at 33.8 cents at 11:12 am AEST
Dimerix (DXB) has received firm commitments to undertake a two-phase placement to raise $20 million.
The biotech company entered a trading halt on August 12 but did not disclose how much it intended to raise or what it would use the funds for.
Roughly 100 million new fully-paid ordinary shares will be issued to institutional, professional and sophisticated investors at 20 cents.
This price represents a 14.9 per cent discount to Dimerix’s share price of 23.5 cents on August 11 and a 12.5 per cent discount to the five-day volume-weighted average price of 22.8 cents.
Participants will be able to subscribe for one new share for every two subscribed for.
In addition, Dimerix will also be launching a share purchase plan (SPP) to raise a further $2 million.
Eligible shareholders will be able to subscribe for shares worth up to a total of $30,000 which will be priced the same as the placement at 20 cents.
Participants will also be offered one new option for every two shares subscribed for, exercisable at 40 cents with expiry on the earlier of July 30, 2024 or 20 business days after the acceleration trigger date.
Dimerix will use the funds from both the placement and SPP to fund the DMX-200 phase three trial in Focal Segmental Glomerulosclerosis (FSGS).
Money will also go towards distribution and logistics for a DMX 200 clinical trial, and preparing and submitting regulatory applications.
CEO and Managing Director Nina Webster is pleased with the support received.
“The company will emerge from this capital raise with a substantially strengthened balance sheet, putting us in a great position to deliver on the Dimerix pipeline, including the phase three programs in the FSGS as well as in COVID-19 patients with respiratory complications,” Dr Webster commented.
Shares in Dimerix were up 43.6 per cent, trading at 33.8 cents at 11:12 am AEST.
