Dimerix secures A$34 million non-dilutive facility to fund pivotal kidney trials
Dimerix Limited (ASX: DXB) has entered into binding non-dilutive Loan Agreements to access up to A$34 million with a syndicate of Australian and U.S. independent lenders. The arrangement includes the previously announced A$10 million SKIPTAN facility (ASX: 17 July 2026).
The core investor takeaway is the non-dilutive structure: capital has been secured without issuing new shares. Together with existing cash reserves, the facility funds delivery of the ACTION3 Phase 3 trial of DMX-200 and the Phase 2 trial of DMX-652 in Acute Kidney Injury. For shareholders, this delivers capital certainty for two late-stage programmes without dilution.
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A disciplined draw-down approach protects shareholders
The clinical-stage biopharmaceutical company has elected to draw down only 50% of the committed funds initially, an amount considered sufficient to complete all currently planned activities. Management framed this as disciplined capital management designed to minimise financing costs and shareholder dilution while retaining flexibility.
The facility also provides the option to elect further commitments for up to a total of A$50 million on or before 31 March 2027, though the Company currently has no plans to access this additional funding.
Receipt of the initial 50% draw-down is anticipated in September 2026, with the remainder to take place at the Company’s discretion on or before 31 March 2027. Based on present operating plans and anticipated expenditure, Dimerix confirmed it is funded through to completion of both trials via:
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Existing cash reserves; and
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A$34 million via the binding Loan Agreements.
Dr Nina Webster, CEO & Managing Director, Dimerix
“We are delighted with the support received from lenders across both Australia and the United States, reflecting growing confidence in Dimerix, our clinical programs and our mission to improve outcomes for patients suffering from serious kidney diseases. The successful entry into this facility provides Dimerix with the financial flexibility needed to execute our planned development activities without dilution for shareholders…”
Key facility terms at a glance
The core terms of the Loan Agreements are summarised below, drawn directly from the detailed terms disclosed by the Company.
| Term | Detail |
|---|---|
| Facility size | A$34 million (option to elect up to A$50 million total before 31 March 2027) |
| Interest rate | 10% per annum, compounding annually; applies only to the amount drawn down and received |
| Repayment date | 17 January 2028 |
| Milestone participation | Unsecured right of Lenders to an aggregate of 30% of each milestone payment received under DMX-200 commercial license agreements, capped in aggregate at 2.0x the amount drawn down and received |
| Security | Unrelated Lenders secured via a General Security Deed; SKIPTAN entities (related party, associate of Mr Peter Meurs) remain unsecured pending an ASX Listing Rule 10.1 waiver or shareholder approval |
How the facility gets repaid
The facility is anticipated to be repaid through existing future licensee milestone payment(s), potential new license fees and/or capital market access.
This repayment pathway is underpinned by existing commercial validation. Dimerix has secured five commercial partners across major markets, generating A$81 million in upfront payments received to date, with the opportunity for a further A$237 million in development milestone payments ahead of commercial launch (per ASX Investor Presentation, 6 August 2026). These partner economics support the Company’s ability to service and repay the facility.
The five commercial partners span major global markets including Greater China, South Korea, Southeast Asia, and key Western territories, with the most recent agreement, struck with Everest Medicines in June 2026, contributing a US$10 million upfront payment that brought total non-dilutive receipts past A$80 million.
Why kidney disease is a growing opportunity
Kidney disease is among the fastest-growing causes of death worldwide and represents a significant and increasing healthcare burden. Despite this growing prevalence, many forms of the disease continue to have limited treatment options available for patients.
The Company’s lead program, DMX-200, is currently being evaluated in the fully recruited global ACTION3 Phase 3 clinical trial in patients with focal segmental glomerulosclerosis (FSGS). FSGS is a serious, rare kidney disease that can lead to kidney failure and the need for dialysis or transplantation. More than 40,000 people are estimated to be living with FSGS in the United States, where there are no therapies specifically approved for the condition.
Dimerix is also advancing DMX-652 for Acute Kidney Injury, a condition associated with significant morbidity, mortality and healthcare costs. DMX-652 is a selective inhibitor of USP30, a mitochondrial enzyme, and is delivered as an oral once-daily capsule. The Phase 2 program is designed to evaluate its potential in preventing kidney injury and preserving renal function following cardiac surgery. The current addressable patient population is estimated at approximately 260,000 across major markets per annum, with no approved therapies available. These large unmet-need markets underpin the commercial thesis.
Multiple catalysts ahead for investors
Dimerix is advancing its pivotal, fully recruited ACTION3 Phase 3 trial for DMX-200 toward what the Company anticipates would be a major value-creating event if successful. Alongside this, the ongoing advancement of DMX-652 into Phase 2 clinical development diversifies the pipeline and has the potential to deliver multiple near- and medium-term catalysts.
The ACTION3 statistical power review conducted in April 2026 confirmed the trial carries greater than 90% power for its proteinuria primary endpoint, well above the 80% industry benchmark, and the FDA confirmed that percent reduction in proteinuria is an appropriate endpoint to support traditional approval via the 505(b)(1) pathway.
The A$34 million facility is expected to support these clinical milestones without diluting shareholders, further strengthening Dimerix’s position as a kidney disease-focused biotechnology company. Key catalysts on the horizon include:
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The ACTION3 Phase 3 readout for DMX-200;
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Continued progress of the DMX-652 Phase 2 program; and
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Potential milestone payments from existing commercial partners.
Taken together, the facility delivers financial flexibility while positioning the Company to pursue two late-stage programmes on behalf of shareholders.
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