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Press Release

Dimerix Raises a Further AU $4.5m Through Oversubscribed Placement

Dimerix Limited
Posted on: 21 Feb 18
Dimerix Raises a Further AU $4.5m Through Oversubscribed Placement
  • Dimerix raises a further AU $4.5 million via a significantly oversubscribed Placement.
  • The Capital Raising was expanded to meet very strong demand from existing and new institutional, sophisticated and professional investors.
  • Total capital raised via the Entitlement Offer and Placement of AU $7.55 million leaving Dimerix well funded to complete the Phase 2 clinical trial in the rare kidney disease, FSGS (orphan indication).

MELBOURNE, Australia, 21 February 2018: Dimerix Limited or the “Company” (ASX: DXB), a clinical-stage biotechnology company developing new therapeutic treatments using its proprietary assay technology has raised an additional AU $4.5 million through the issue of 37,500,000 shares at 12 cents per share to wholesale and institutional clients of Westar Capital and Baker Young Stockbrokers who acted as Joint Lead managers to the Issue.

Dimerix is now funded to advance and deliver on its clinical milestones and partnering programs.

On 24 January 2018, Dimerix announced that it had received acceptances of AU $3,056,116 from the recently closed 1:2 Entitlement Offer at 12 cents per share with the shortfall of AU $2,468,790 to be placed in the near future.

Subsequent to the January announcement, Dimerix opened up the Entitlement Offer shortfall to new investors and received a substantial amount of interest.  Given the strong demand for the stock, the Board determined to accept additional funding of approximately AU $2 million, (with allocations scaled back) to accept a total of AU $4,500,000 (37,500,000 shares at 12 cents per share) in new funding, with the oversubscription amount to be issued under the company’s placement capacity pursuant to LR 7.1 and 7.1A (see below). The total funds raised, when combined with the acceptances to the Entitlement Offer completed in January 2018, is AU $7,556,116 before costs.

CEO of Dimerix, Kathy Harrison stated, “We have been absolutely delighted with the strong support demonstrated by existing and new investors in management, and our strategy as we prepare for the next stage of our development programs. I’m pleased to warmly welcome new shareholders to the register and thank those existing shareholders who have invested in our growth.

“Dimerix is now fully funded to further the Company’s development plans and to take our lead compound, DMX-200 into a Phase 2 trial this quarter for the treatment of the rare kidney disease, FSGS. The funding will enable us to complete the steps required to develop commercial scale batches of DMX-200, and complete the remaining non-clinical studies to take DMX-200 to Phase 3 ready for FSGS.

“Importantly, we are now in a strong position to continue our partnering discussions and exploit the full commercial potential for DMX-200 in diabetic nephropathy, and other pipeline opportunities.”

The new shares are expected to be issued on Tuesday 27 February 2018.


For more information:

Editor's Details

Gemma Harris
Instinctif Partners
020 7866 7860

Last updated on: 21/02/2018

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