Dimerix Release: Company Raises AU $2 Million To Advance Clinical Program
Dimerix Limited (“Dimerix” or “the Company”) advises that it has received commitments for a placement to raise AU $2,000,000 (before costs) (Placement). 333,333,333 new shares will be issued to sophisticated and professional investors under the Placement at an issue price of AU $0.006 per share. Westar Capital Ltd acted as Lead Manager to the offer.
The issue of shares is within the Company’s placement capacity and are expected to be issued and funds received on or around 4 February 2017.
Following the issue of the ordinary shares, the company will have cash reserves of approximately AU $2.7 million (after costs of the Placement). The company has also lodged its Research & Development Tax incentive claim for approximately AU $420,000 which the Company expects to receive in February 2017.
The intended use of these funds are for the continued development of Dimerix’s lead drug candidate DMX-200 which is currently in a Phase II clinical trial as a potential therapy for chronic kidney disease. The compound received orphan drug designation from the US food & Drug Administration (FDA) in December 2015.
Dimerix Chief Executive Officer Kathy Harrison said, “We are encouraged by the confidence investors have shown in the future potential of our strategy and our business. We welcome the interest exceeding the AU $2 million targeted and commitments and support from new and existing shareholders.”
In addition to its lead candidate showing strong safety and efficacy results to date as a potential treatment for chronic kidney disease, Dimerix is actively pursuing a number of other drug discovery programs for unmet medical needs using its proprietary Receptor HIT technology platform.
Following the issue of the ordinary shares, the company will have cash reserves of approximately AU $2.7 million (after costs of the Placement). The company has also lodged its Research & Development Tax incentive claim for approximately AU $420,000 which the Company expects to receive in February 2017.
The intended use of these funds are for the continued development of Dimerix’s lead drug candidate DMX-200 which is currently in a Phase II clinical trial as a potential therapy for chronic kidney disease. The compound received orphan drug designation from the US food & Drug Administration (FDA) in December 2015.
Dimerix Chief Executive Officer Kathy Harrison said, “We are encouraged by the confidence investors have shown in the future potential of our strategy and our business. We welcome the interest exceeding the AU $2 million targeted and commitments and support from new and existing shareholders.”
In addition to its lead candidate showing strong safety and efficacy results to date as a potential treatment for chronic kidney disease, Dimerix is actively pursuing a number of other drug discovery programs for unmet medical needs using its proprietary Receptor HIT technology platform.