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- Clinical-stage drug developer Dimerix (DXB) has entered into an unsecured loan agreement with shareholder Peter Meurs
- Under the agreement, Peter, who holds a 13.4 per cent stake in DXB, has agreed to advance $5 million to the company
- The funding is slated to progress DXB’s current initiatives, including preparations for its upcoming phase three Focal Segmental Glomerulosclerosis study
- DXB reported a cash position of $4.9 million as of December 31 last year
- Dimerix shares are trading flat at 26.5 cents each
Clinical-stage drug developer Dimerix (DXB) has entered into an unsecured loan agreement with shareholder Peter Meurs.
Under the agreement, Peter, who holds a 13.4 per cent stake in DXB, has agreed to advance $5 million to the Dimerix, providing a non-dilutive cash runway on terms that, the company says, are more favourable than those offered by other available loan facilities.
The funding is slated to progress DXB’s current initiatives, including preparations for its upcoming phase three Focal Segmental Glomerulosclerosis (FSGS) study.
The preparation encompasses clinical study start-up activities with a global clinical research organisation and a protocol agreement with the U.S. Food and Drug Administration and the European Medicines Agency.
Dimerix CEO and Managing Director Dr Nina Webster said she is grateful for Peter’s ongoing support and the confidence he’s shown in the company.
“The recent FSGS phase two clinical data, as well as our participation in two different multi-national phase three studies in patients with COVID-19, underlines our belief in the potential for DMX-200 to become a major new drug in the treatment of inflammatory diseases,” Dr Webster commented.
“To better position Dimerix to execute on this very exciting opportunity, we have taken steps to boost our balance sheet with a secure and non-dilutive cash injection to take us through to the next key inflection point,” she added.
DXB reported a cash position of $4.9 million as of December 31 last year.
Dimerix shares are in the grey on Tuesday, trading at 26.5 cents each at 11:06 am AEDT.
