Dimerix secures AU$10 million non-dilutive loan to fund pipeline through key trial milestones
Clinical-stage biopharmaceutical company Dimerix (ASX: DXB) has entered into a binding AU$10 million loan facility agreement with SKIPTAN Pty Ltd, an associate of Mr Peter Meurs, a substantial shareholder of the Company. The facility provides non-dilutive funding to support the group’s kidney disease pipeline through several near-term clinical milestones.
Critically, the funding is non-dilutive, meaning no new shares are issued to raise the capital. This structure protects existing shareholders from dilution while extending the company’s cash runway.
The Lender has agreed to advance up to AU$10 million, with any drawdown taking place at Dimerix’s discretion up to 31 December 2026. According to the announcement, SKIPTAN is described as “an associate of Mr Peter Meurs, a substantial shareholder” and is “a related party of Dimerix.”
The company confirmed the facility positions it to be funded through to completion of the ACTION3 Phase 3 trial for its lead asset DMX-200, as well as initiation of the Phase 2 clinical trial for DMX-652, its newly acquired asset for acute kidney injury.
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How Dimerix is now funded through to trial completion
Dimerix has stated it is now funded through to completion of the ACTION3 Phase 3 trial in DMX-200 and initiation of the Phase 2 trial in DMX-652 via a combination of three sources:
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Existing cash reserves;
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The ~AU$14 million upfront payment to be received from Everest Medicines for commercial rights to Greater China, South Korea and Southeast Asia (per the 16 June 2026 release); and
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The AU$10 million binding Loan Agreement, drawn at the company’s discretion.
The Everest Medicines upfront payment and the SKIPTAN loan are two separate transactions. The former relates to a previously announced commercial deal, while the latter is the newly secured non-dilutive facility.
The Everest Medicines licensing deal, announced on 16 June 2026, covers Greater China, South Korea, and Southeast Asia and carries total potential value of up to approximately AU$481 million, bringing aggregate milestone payments across all five regional DMX-200 agreements to AU$1.9 billion.
Beyond the current arrangement, Dimerix noted that negotiations are progressing to access up to a further AU$40 million in non-dilutive funding, anticipated to be on substantially similar terms to the loan facility. This additional funding remains subject to a definitive agreement being executed and is not yet secured. If completed, it would extend the company’s cash runway beyond the two headline trials.
Why the loan terms matter for shareholders
The company positioned the facility as delivering capital at a lower cost than other proposals it received, on terms designed to align with shareholder interests. Interest accrues only on funds actually drawn, and milestone success payments to the Lender only become payable after Dimerix itself receives milestone payments from its commercial partners.
The key terms of the Loan Agreement are summarised below.
| Term | Detail |
|---|---|
| Facility size | AU$10 million, drawn in whole or part at Dimerix’s discretion |
| Drawdown deadline | 31 December 2026 (unused balance lapses) |
| Repayment date | 17 January 2028 |
| Interest rate | 10% p.a. compounding annually, only on funds actually drawn |
| Security | Unsecured pending ASX Listing Rule 10.1 waiver or shareholder approval |
| Milestone participation | Lender entitled to 30% of each DMX-200 milestone payment received, capped at 2.0x the amount drawn |
The facility is expected to be repaid through existing future licensee milestone payments, potential new licence fees and/or capital market access.
CEO Commentary
“…This loan facility agreement delivers funding at a substantially lower cost of capital than other sources and on terms that the Dimerix Board believe are firmly aligned with company and shareholder interests. We retain control within the terms of the facility over when and how much capital is drawn, only paying interest on funds that are actually drawn…” said Dr Nina Webster, CEO & Managing Director.
Understanding Dimerix’s dual-asset pipeline
Dimerix is developing two clinical programs targeting kidney diseases with significant unmet medical need. Understanding each helps clarify why the funding matters.
DMX-200 for FSGS
Focal segmental glomerulosclerosis (FSGS) is a rare, serious kidney disorder characterised by progressive scarring in parts of the glomeruli, the kidney’s filtering units. This scarring leads to proteinuria (excess protein in the urine), progressive loss of kidney function, and often end-stage renal disease.
In the United States, more than 40,000 people are estimated to be living with FSGS, and there are no therapies specifically approved for the condition in the US. In progressive or treatment-resistant cases, the average time from diagnosis to end-stage kidney disease can be as short as five years.
DMX-200 is a chemokine receptor (CCR2) antagonist administered to patients already receiving an angiotensin II type I receptor (AT1R) blocker, the standard of care treatment. The ACTION3 Phase 3 trial is pivotal and fully recruited. The asset is protected by granted patents until 2032, with applications that may extend protection to 2042, alongside Orphan Drug Designation in the United States, Europe, UK and Japan.
The ACTION3 statistical power review, completed in April 2026, confirmed greater than 90% power for the proteinuria primary endpoint following an external blinded assessment, exceeding the 80% industry standard and removing a key execution uncertainty ahead of the March 2028 completion date.
DMX-652 for acute kidney injury
Acute kidney injury (AKI) is characterised by a rapid decline in kidney function within hours, often arising from high-risk settings such as cardiac surgery and sepsis. The condition carries high morbidity and mortality, and there are currently no approved therapies.
The addressable patient population is estimated at approximately 100,000 to 133,000 patients annually in the United States. DMX-652 is a selective inhibitor of USP30, a mitochondrial enzyme, delivered as an oral once-daily capsule designed to support mitochondrial quality control in injured kidney cells.
The DMX-652 acquisition includes the composition of matter patent and an open Investigational New Drug (IND) application in the US, with a Phase 2 clinical trial protocol that has received approval to proceed from the US Food and Drug Administration (FDA).
Together, the two assets target large unmet-need renal markets, diversifying the company’s clinical risk across separate indications.
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Potential catalysts and what comes next
With funding secured through its near-term milestones, Dimerix has flagged several value drivers ahead. Key upcoming catalysts include:
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Completion of the fully recruited ACTION3 Phase 3 trial in DMX-200, described by the company as a potential major value-creating event if successful;
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Initiation of the Phase 2 clinical trial for DMX-652 in acute kidney injury;
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Progression of negotiations for up to AU$40 million in additional non-dilutive funding, subject to a definitive agreement; and
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Commercial manufacturing readiness and launch preparation for DMX-200.
The company expects repayment of the facility to come via future licensee milestone payments, potential new licence fees and/or capital market access.
Chair Commentary
“…The advanced status of the ACTION3 Phase 3 clinical trial in FSGS, combined with our newly acquired Phase 2 asset in acute kidney injury, DMX-652, underline our commitment to growing sustainable shareholder value through clinical success, global partnerships, and pipeline diversification,” said Mr Mark Diamond, Non-Executive Chair.
For investors, the structure carries a clear implication. The non-dilutive capital preserves existing shareholder value while funding two clinical programs in high-need renal markets, giving the company two shots on goal without issuing new equity.
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