Back in late August we initiated on Dimerix (ASX: DXB), a Melbourne and Perth-based drug discovery company being built around new ways to identify G Protein-Coupled Receptors. Today we're updating our coverage of Dimerix with a research note on some recent data, which we think are very encouraging, from the company's first clinical study of DMX-200, its lead candidate.
DMX-200 is a combination of two existing drugs, irbesartan and propagermanium. The product is now in a Phase II study in patients with proteinuria, which is symptomatic of a range of kidney problems. Following recent guidance for the FDA, Dimerix is now making plans to take DMX-200 into a pivotal study in Focal Segmental Glomerulosclerosis, an Orphan kidney disease. Dimerix reported on 4 October that 21 out of 30 patients have now been dosed in this study. Of 11 patients who have reached or passed the mid-point of the study, three have shown a ~ 50% reduction or greater in proteinuria over and above standard of care, which is very encouraging. Final data from Part A of the Phase 2 study is expected in the second half of next year. We value Dimerix at 2.4 cents per share base case and 5.8 cents per share optimistic case. Our target price of 4.0 cents per share sits at the midpoint of our DCF range.
You can download a copy of NDF Research's first report on Dimerix by clicking here or visiting ndfresearch.com