Dimerix launches $9m IPO to fund kidney therapy trial

Dimerix Bioscience, a junior Perth-based biotechnology company developing treatments for kidney disease, will become the third company to launch an initial public offer through the ASX OnMarket BookBuilds process on Monday in a bid to raise $9 million.

Sally Rose

Updated Jun 16, 2014 – 6.30pm, first published at 12.05am

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Dimerix Bioscience , a junior Perth-based biotechnology company developing treatments for kidney disease, will become the third company to launch an initial public offer through the Australian Securities Exchange’s BookBuild facility on Monday in a bid to raise $9 million.

If the minimum raising of $7 million is successful, the money will be used to fund a Phase II clinical trial of a proposed new therapy, called DMX 200, for the treatment of persistent proteinuria (abnormally high levels of protein in the urine) caused by chronic kidney disease. Pending successful trials and regulatory approvals, the company has a target to bring DMX 200 to market within three to five years.