Dimerix Secures Fifth Licensing Deal and Expands Pipeline with DMX-652 Acquisition

Everest Medicines Deal Extends Dimerix’s Asian Footprint

Dimerix has secured a major commercial milestone by signing its fifth licensing agreement for DMX-200 with Everest Medicines, covering Greater China, South Korea, and key Southeast Asian markets. The upfront payment of approximately A$14.1 million and potential milestone payments of up to A$467 million, plus tiered royalties, push the total value of Dimerix’s licensing agreements to nearly A$1.9 billion. This deal not only validates DMX-200’s commercial potential but also taps into Everest’s established nephrology infrastructure, which includes recent success with IgA Nephropathy treatments.

ACTION3 Phase 3 Trial Maintains Statistical Strength

The pivotal ACTION3 Phase 3 trial of DMX-200 in focal segmental glomerulosclerosis (FSGS) remains on track, with an external blinded statistical review confirming the study is powered at over 90% to demonstrate a treatment effect on proteinuria, the primary endpoint. The adult cohort is fully recruited with 333 patients across 21 countries, and dosing is expected to complete by March 2028. Continuing the trial to the final proteinuria endpoint reflects a strategic choice to maximise regulatory approval chances and commercial value, supported by a high patient enrolment into the Open Label Extension study and a post-trial access scheme for eligible patients.

Pipeline Expansion with DMX-652 Acquisition

Dimerix has broadened its renal disease portfolio through the acquisition of DMX-652, a first-in-class USP30 inhibitor targeting acute kidney injury (AKI), a condition with no approved therapies and high mortality. DMX-652 is Phase 2-ready, backed by a favourable Phase 1 safety profile and a US patent protecting the asset through at least 2043. The asset includes an FDA-approved Phase 2 trial protocol, enabling rapid clinical progression. The company plans to initially focus on AKI associated with cardiac surgery, positioning itself in a significant unmet need area alongside its lead FSGS program.

Funding Secured to Support Clinical and Commercial Progress

To fund its expanding pipeline, Dimerix has secured a A$10 million non-dilutive loan facility and anticipates receiving the upfront payment from Everest Medicines in the coming quarter. Along with existing cash reserves of A$16.2 million, these funds provide a runway through the completion of ACTION3 and the initiation of DMX-652’s Phase 2 trial. Additionally, the company is negotiating access to up to A$40 million more in non-dilutive funding, which would extend its operational runway further. This funding strategy, supported by over A$80 million in non-dilutive capital from commercial partners to date, minimises shareholder dilution while advancing clinical development.

Strategic Partnerships and Global Commercialisation

Dimerix continues to work with its network of five commercial partners worldwide to maximise DMX-200’s global potential. The company’s presence at the BIO International Convention included strategic discussions with BioMarin, its US commercial partner following BioMarin’s acquisition of Amicus. The company is also progressing licensing talks for territories not yet covered, aiming to further expand its commercial footprint.

Financial Position and Outlook

Despite net operating cash outflows of A$10.4 million for the quarter, Dimerix ended June 2026 with A$16.2 million in cash, excluding the anticipated Everest upfront payment and loan facility drawdowns. The company expects cash burn on ACTION3 to decline over time as patients complete treatment, while initial costs for DMX-652 remain minimal as preparations for the Phase 2 trial ramp up. Payments to related parties during the quarter included director fees and salaries, reflecting ongoing governance costs.