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As per recent ASX announcement, biotechnology company Dimerix Limited (ASX:DXB) shared its success in obtaining Research & Development tax rebate for the 2017-2018 financial year amounting to $1,073,628, boosting companyâs efforts and expenditure towards undertaking significant R&D activities.
Despite releasing positive news, the companyâs shared plunged on ASX 200 by 2.3% today, closing at AUD 0.086.Â
Dimerix is a clinical bio-technology company focussing on developing bio-drugs and safe treatments for patients with unmet medical conditions. The company is into on developing new therapeutic treatments using its flagship drug discovery platform, Receptor-Heteromer Investigation Technology (HIT). The commercial applications of HIT include: de-opalization of GPCRs, profiling composites to identify undesirable effects and differentiate between protein interactions of the HIT complex.
The drug development medical company was recently awarded a $50,000 Innovations Grant, supported by Australian Governmentâs Department of Industry, Innovation, and Science. The grant, matched by Dimerix, will be utilized to fund a ten-month program to carry out molecular pharmacology profiling of targets of interest to Dimerix.
The companyâs lead therapy DMX-200 is currently in its Phase2A clinical study for two of its concurrent programs - Focal Segmental Glomerulosclerosis (FSGS), chronic kidney disease and for Diabetic Kidney Disease. The company understands that FSGS needs utmost attention with alarming 1,20,000 patients suffering from this troublesome disease in the US.
On 22 November 2018, the company announced that its first patient had been successfully medicated in DMX-200 Phase 2A trial. The preliminary results of the experiment are expected by Q419.
The Phase 2A study for DMX-200 is anticipated to register ten eligible patients. These patients will receive two dose sets of 16 weeks separated by a six-week cooling period.
On 21 November 2018, Dimerix announced that the European Commission had designated DMX-200 as an orphan medicinal product for treating chronic kidney disease. Orphan status is given to those exclusive drugs in Europe which are intended to treat life-threatening ailments.
Dimerix was able to successfully raise $7.5 million this year through share entitlement and placement.
Financial performance: Dimerix recently shared its financial results for the year ended June 2018. The company reported Net Loss equivalent to $3,319,726, significantly higher than Net Loss of $1,758,532 for last year. This accounted to Loss per share of $2.88 as compared to the previous yearâs figure of $2.15.
The companyâs balance sheet reflected Net Assets of $7,264,699 and Total Liabilities of $406,744 for the FY17-18. The company shared Net operating cash outflow of $3,225,432, Net Investing cash outflow of $3,543 and Net financing cash inflow of $7,247,152 for the year. The cash and cash equivalents totalled to $6,284,322 for the year.
Stock performance: The scrip price has been on a downtrend this year offering a negative YTD return of 29.60%. The companyâs stock reflects a performance change of -92.81% since its inception. The company has a market capitalization of $13.97 million as on 20th December 2018 with earnings per share of -0.029 AUD
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