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Pitt Street Research publishes an initiation report on Dimerix Limited - a clinical stage drug developer which is developing DMX-200 for kidney diseases. DMX-200 is in a Phase 3 trial for FSGS (Focal Segmental Glomerulosclerosis) and has completed a Phase 2 study for diabetic kidney disease. The company is expecting initial analysis in mid-March and could submit for conditional marketing approval in CY24, subject to successful results. It has secured a licensing deal with Advanz Pharma that could bring A$230m in milestone payments, plus royalties on sales. Notwithstanding all this, it is still priced like a Phase 2 company - we value DXB was A$0.58 per share in our base case scenario and A$0.77 in our bull case scenario, equating to equity values of A$246.3m and A$326.3m which are more in line with the valuation of ASX biotechs at Phase 3. Please be advised that this report is General Advice only and is a report commissioned by the Company. Please see p.20 for the key risks and the final page for the full General Advice Warning, disclosures and disclaimers. Marc Kennis Stuart Roberts Mark Diamond Nina Webster Hugh Alsop Clinton Snow Sonia Poli Hamish George #dimerix #dxb200 #kidneyhealth #kidneydisease #biotech #biotechs #biotechstocks #healthstocks #ASX #equities #equityresearch #researchreport #researchinitiation https://lnkd.in/eyjWtZ8T

Dimerix — Pitt Street Research | Stock research

Dimerix — Pitt Street Research | Stock research

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