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Dimerix Limited
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— Company Overview
About Dimerix
Dimerix is a clinical-stage biopharmaceutical company specialising in the development of kidney disease treatments. Dimerix’s lead product is DMX-200, an oral anti-inflammatory drug. It is currently in Phase 3 trials for FSGS and has shown promise in reducing proteinuria, a key marker of kidney disease progression. Pending successful Phase 3 results, Dimerix intends to commercialise the drug, initially in the EU and the US. It has 3 licensing deals covering more than a dozen countries including the US. FSGS is a kidney disease that attacks the kidney’s filtering units where the blood is cleaned (called the glomeruli). This causes irreversible scarring and leading to permanent kidney damage and eventual end-stage kidney failure, requiring dialysis or a replacement.
Dimerix's Company History
Dimerix was incorporated in 2004 and listed on the ASX in 2015 through the reverse takeover of Sun Biomedical. At that time, DMX-200 existed but it was not clear what indication it would fight. It came out of work done at the University of WA which essentially found that ARB (angiotensin receptor blockers) and repagermanium were a match made in heaven for fighting kidney disease. The company initiated a Phase 2a study and did it from 2014 to 2017. It found that the drug could reduce proteinuria (elevated protein in the urine and an indication of kidney disease). The study was successful as 25% of patients recorded a >50% reduction even in spite of the subjects having severe kidney disease. Dimerix opted for FSGS following analysis of a sub-group analysis as well as 2 further Phase 2 studies from 2017 to 2020 and perceived it to be a ‘low hanging fruit’. Since 2022, the company has been in Phase 3 with DMX-200 for FSGS and anticipates it gain approval in the US and the EU with success. Dimerix had several confidence kickers including the 3 licensing deals signed, the positive initial data and the failure of its main competitor (Filspari).
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— Forward View
Future Outlook of Dimerix (ASX: DXB)
Dimerix’s prospects are exclusively tied to the success of its lead candidate, DMX-200. There’s no question FSGS is a major market. There are approximately 220,000 diagnosed sufferers worldwide, about 80,000 of which are in the US. Dimerix has estimated that the biggest 7 markets alone are worth US$3bn per annum – Japan, China, the EU, UK and USA. But the fate will hinge on the success of the current trial. The case study of Opthea depicts that even Phase 3 trials are not a foregone conclusion.
— Our Assessment
Is Dimerix a Good Stock to Buy?
Investing in Dimerix presents both opportunities and risks. On the positive side, the company’s later stage of clinical work, the unanimously positive data to date, its trio of licensing deals (including the upfront cash and promised milestone payments), as well as the potential for market exclusivity and premium pricing all bode well. However, as a clinical-stage biopharmaceutical company, it will live or die by the results of the clinical trial. So a company like this may not be suitable for all investors, even if it is less risk than companies only at Phase 1 or 2.
— Our Stock Analysis
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— Faq
Frequently Asked Questions
What does Dimerix do?
Dimerix is focused on developing and commercialising oral drug DMX-200 for FSGS.
What is DMX 200?
DMX-200 is an oral anti-inflammatory drug called repagermanium.
What are the risks of investing in DXB?
Key risks include the potential for clinical trial failures, regulatory challenges, and the need for ongoing capital to fund operations until commercialisation.
How does DMX-200 work?
DMX-200 blocks the chemokine receptor 2 (CCR2) pathway, which stops immune cells from moving to areas of the body such as in the kidney where they cause abnormal scarring. Patients ingest a 120 mg oral dose twice daily.
What is FSGS?
FSGS is a kidney disease that attacks the kidney’s filtering units where the blood is cleaned (called the glomeruli), causing irreversible scarring and leading to permanent kidney damage and eventual end-stage kidney failure, requiring dialysis or a replacement.
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