Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Dimerix (DXB) will raise $5.8 million to support its DMX-200 trials treating ARDS patients with COVID-19
  • The therapy drug is also being trialled in a kidney program to treat Focal Segmental Glomerulosclerosis
  • Over 16.2 million shares will be issued to institutions, as well as new and existing sophisticated and professional investors at a price of 36 cents each
  • The placement is expected to be settled and allocated either later this week or from next week
  • Company shares are down 11.4 per cent and trading for 39 cents each

Dimerix (DXB) will raise $5.8 million through a placement to institutions, as well as new and existing sophisticated and professional investors.

The placement will issue 16,222,580 fully paid ordinary shares at a price of 36 cents per share. This represents an 18.2 per cent discount to the last closing price of 44 cents on June 17 and a 9.4 per cent discount to the 15-day volume-weighted average price (VWAP).

The placement is expected to be settled and allocated either later this week or from next week.

The clinical-stage biopharmaceutical company will use the funds to support activities associated with the global REMAP-CAP study of DMX-200 in ARDS patients with COVID-19.

The funds will also go towards the next stage of development for the renal program, such as logistics and distribution costs, additional manufacturing scale-up costs, resource costs, general working capital and corporate costs.

“These funds will provide a solid runway to pursue the longer-term strategy, including the planning for the success of DMX-200 in the kidney program, as well as the ARDS associated with COVID-19 program,” CEO and Managing Director Dr Nina Webster said.

Last week, Dimerix dosed the final patient of its DMX-200 clinical trial which is treating Focal Segmental Glomerulosclerosis (FSGS). FSGS is a rare condition caused by scarring in the kidney which can cause kidney damage and failure.

This is one of two trials that is testing the DMX-200 therapy drug.

Since COVID-19, the company is investigating the potential of DMX-200 as a treatment for acute respiratory distress syndrome (ARDS) in patients with COVID-19.

Company shares are down 11.4 per cent and trading for 39 cents each at 11:58 am AEST.

DXB by the numbers
More From The Market Herald
Heramed (ASX:HMD) - CEO and Co Founder, David Groberman

" HeraMED (ASX:HMD) raises $2.39m via convertible note placement

HeraMED (HMD) has raised roughly $2.39 million through a convertible note placement.
NeuroScientific Biopharmaceuticals (ASX:NSB) - MD and CEO, Matthew Liddelow

" NeuroScientific Biopharmaceuticals (ASX:NSB) completes safety pharmacology studies

NeuroScientific Biopharmaceuticals (NSB) has seen no adverse events during its non-clinical studies of EmtinB.
PharmAust (ASX:PAA) - Chief Scientific Officer, Dr Richard Mollard

" PharmAust (ASX:PAA) identifies optimal MPL dose for canine cancer

Clinical-stage biotech company PharmAust (PAA) has identified the optimum monepantel (MPL) drug plasma range for dogs with B-cell lymphoma.
Alcidion Group (ASX:ALC) - Group Managing Director, Kate Quirke

" Alcidion Group (ASX:ALC) extends contract with Sydney Local Health District

Alcidion Group (ALC) has expanded the use of its remote patient monitoring platform, Miya Precision, with the Sydney Local Health District (LHD).