Author: Leon Hinde

Dimerix : Buy with a stop loss at $0.50

Dimerix Limited operates in the biotechnology industry, focusing on the development and commercialization of innovative therapies for unmet medical needs. The company is primarily engaged in creating pharmaceutical solutions that target specific diseases

Investor Summary – Dimerix Limited (ASX: DXB)
June 2025

Company Overview
Dimerix is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative treatments for inflammatory diseases, with a lead focus on kidney disorders. The company’s flagship asset, DMX-200, is in Phase 3 trials for Focal Segmental Glomerulosclerosis (FSGS), a rare and serious kidney disease with limited treatment options.

Lead Program: DMX-200 for FSGS

• Mechanism: A novel inflammatory modulator working through a unique chemokine receptor pathway (CCR2).
• Clinical Progress:
  • Phase 2 trial met primary (proteinuria reduction) and secondary (eGFR stabilization) endpoints.
  • Phase 3 ACTION3 trial is ongoing across global sites with FDA alignment on using proteinuria and eGFR as surrogate endpoints.
  • Open Label Extension and parallel studies (PARASOL) further strengthen biological plausibility.

Market Opportunity

• Estimated multi-billion dollar global FSGS market with strong regulatory incentives (orphan designation, expedited pathways).
• Comparables show licensing deals with upfront payments ranging from $5M to $90M USD, highlighting potential deal value.

Strategic Partnering

• In 2023, Dimerix signed a commercial licensing deal with Advanz Pharma (EU, UK, CA, ANZ) for DMX-200.
• The deal positions Dimerix alongside major FSGS players like Otsuka, Roche, Merck, Travere, and others.

Investment Highlights
✓ Global Phase 3 trial targeting rare disease with high unmet need
✓ Validated by multiple licensing transactions and regulatory alignment
✓ Strong IP protection with composition and use patents
✓ Experienced leadership team with a proven track record in biotech commercialization
✓ Pipeline expansion opportunities in broader inflammatory conditions

Leadership & Governance
Led by CEO Dr. Nina Webster, supported by a board and management team with decades of experience in drug development, commercialization, and strategic partnerships (ex-Pfizer, Roche, Mayne Pharma, etc.).