This morning we at NDF Research published our second report. This one is on a Melbourne and Perth-based drug discovery company called Dimerix (ASX: DXB)
Dimerix is being built around new ways to identify G Protein-Coupled Receptors, the target of a significant number of present and former blockbuster drugs. Dimerix’s Receptor-Heteromer Investigation Technology (Receptor-HIT) allows druggable GPCR combinations to be identified. Dimerix’s lead DMX-200 candidate, a combination of two existing drugs, irbesartan and propagermanium, 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. We value Dimerix at 2.4 cents per share base case and 5.9 cents per share optimistic case. Our target price of 4.0 cents per share sits at the midpoint of our DCF range.
Click here for our initiation report.