Key Highlights

• Dimerix Limited (ASX:DXB) has completed the initial drawdown under its A$34 million non-dilutive funding facility, receiving gross proceeds of approximately A$17 million.

• The clinical-stage biopharmaceutical company said the drawdown represents 50% of the committed facility, with the remaining A$17 million available at its election until 31 March 2027, subject to the Facility terms.

• The company framed the decision to draw only half the facility as part of a disciplined approach to Capital management.

• The facility was first announced on 4 September 2026.

Dimerix Limited (ASX:DXB) has completed the initial drawdown under its A$34 million non-dilutive funding facility, receiving gross proceeds of approximately A$17 million. The clinical-stage biopharmaceutical company said the drawdown represents 50% of the committed facility, with the remaining A$17 million available at its election until 31 March 2027, subject to the facility terms.

In its September 2026 update, Dimerix said its funding position is considered sufficient to complete currently planned activities, including delivery of the ACTION3 Phase 3 trial of its lead drug DMX-200 and continued advancement of the Phase 2 trial of DMX-652 in acute kidney injury. The company framed the decision to draw only half the facility as part of a disciplined approach to capital management.

What was announced

The facility was first announced on 4 September 2026. The latest update confirms the first Tranche has now been received. Key points from the announcement include:

• Initial drawdown of approximately A$17 million, or 50% of the A$34 million committed

• Remaining A$17 million available for drawdown at Dimerix's election until 31 March 2027

• An option to secure up to A$50 million in total commitments on or before 31 March 2027, although the company said it currently has no plans to access this additional funding

Dimerix said the approach is consistent with its strategy of accessing only the level of funding needed to support planned operations while retaining flexibility to access more capital later if required. A footnote to the announcement notes the proceeds are based on a 60-day average Exchange Rate of 1 USD to 1.4228 AUD.

How the facility works

Because the facility is Debt rather than equity, it does not involve issuing new shares, which is why Dimerix describes it as non-dilutive. It does, however, carry costs and obligations.

According to the company's 4 September release, interest of 10% per annum, compounding annually, applies only to amounts drawn down and received. Lenders are also entitled to 30% of each milestone payment Dimerix receives under DMX-200 commercial licence agreements, capped in aggregate at 2.0 times the amount drawn. Drawn amounts plus accrued interest must be repaid by 17 January 2028.

The lenders include a syndicate of Australian and US investors, along with SKIPTAN Pty Ltd and SKIPTAN Pty Ltd as Trustee for the P&M Meurs Family Trust, which together committed A$12 million. The unrelated lenders hold security under a general security deed.

These terms help explain why management chose to draw only half the facility for now: interest and milestone participation are linked to the amount actually drawn.

What management said

CEO and Managing Director Dr Nina Webster said: "The receipt of these funds further strengthens Dimerix's financial position and supports the continued execution of our key value-driving programs, including the ACTION3 Phase 3 study of DMX-200 and the advancement of DMX-652."

She added: "Importantly, we have maintained our disciplined approach to capital management by drawing only 50% of the facility at this time. This minimises financing costs while providing significant flexibility to access the remaining committed funds should they be required in the future."

Dr Webster also described the facility as "an attractive non-dilutive source of capital that allows us to advance our development and commercialisation activities while preserving value for existing shareholders."

Repayment and the partnering model

Dimerix said it anticipates repaying the drawdown through existing future licensee milestone payments, potential new licence fees and/or capital market access.

That repayment path relies heavily on the company's partnering strategy. Dimerix said it has secured five commercial partners across major markets, generating A$81 million in upfront payments received to date, and creating the opportunity for a further A$237 million in development milestone payments ahead of commercial launch. Those milestone payments are contingent on development progress and are not guaranteed.

The company also said it remains well positioned to pursue licensing deals in territories not already licensed for DMX-200.

Background on the pipeline

Dimerix focuses on kidney diseases with significant unmet medical need. Its lead program, DMX-200, is being evaluated in the fully recruited global ACTION3 Phase 3 trial in patients with focal segmental glomerulosclerosis (FSGS), a rare and serious kidney disease that can lead to kidney failure, dialysis or transplantation.

According to the company, more than 40,000 people in the United States are estimated to be living with FSGS, and there are no therapies specifically approved for the condition there. DMX-200 is a CCR2 chemokine receptor antagonist given to patients already receiving an angiotensin II receptor blocker. It holds Orphan Drug Designation in the US, Europe, the UK and Japan, with granted patents in various territories until 2032.

The second program, DMX-652, is a once-daily oral small molecule that inhibits USP30, a mitochondrial enzyme. Dimerix acquired the asset and is advancing it into a Phase 2 trial designed to test whether it can prevent kidney injury and preserve renal function after cardiac surgery. The company said the Acquisition included an open US IND with a Phase 2 protocol that has received FDA approval to proceed.

Risks and considerations

The facility is debt, and it must be repaid with interest by January 2028. If milestone payments or new licence deals do not arrive as expected, Dimerix may need to rely on capital markets, which could involve dilution. The milestone participation also means part of future DMX-200 licence income would go to lenders.

Dimerix noted that its cash runway statements are based on current anticipated spending, activities and exchange rates, and that changes in any of these could materially affect its runway. The ACTION3 trial outcome remains uncertain, and the company's forward-looking statement highlights risks around clinical trials, regulation, manufacturing, patents and future capital needs.

The bottom line

For investors following ASX shares in biotech this September 2026, Dimerix's A$17 million drawdown adds funding without new shares while leaving another A$17 million in reserve. The company says it is funded through completion of ACTION3, which it views as a potential major catalyst if successful.