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Why the Dimerix (ASX:DXB) share price has plunged 63% today

The Dimerix share price fell today after the company released results from the phase 2 study of its DMX-200 drug candidate.
The post Why the Dimerix (ASX:DXB) share price has plunged 63% today appeared first on Motley Fool Australia. –

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The Dimerix Ltd (ASX: DXB) share price has plummeted 63.51% today to 27 cents. This came after the drug company reported the results of its phase 2 study of DMX-200 in patients with diabetic kidney disease.

Why has the Dimerex share price dropped?

Dimerix reported the results of its phase 2 study of DMX-200 versus placebo in patients displaying albuminuria, a sign of kidney disease. Albuminuria occurs when the kidneys fail to stop a blood protein, albumin, from entering the urine.

According to the company, the results of the phase 2 study were consistent with prior studies. Fifty-six percent of patients with a higher starting albuminuria level that received DMX-200 rather than a placebo achieved a clinically significant drop in albuminuria. This is considered as a 25% drop in albuminuria above that achieved by standard best therapy. However, across the full patient cohort, there was no significant difference between treatment with DMX-200 and treatment with a placebo.

The company said DMX-200 was found to be generally safe and well-tolerated in diabetic kidney disease patients.

Dimerix Medical Advisory Board chair Dr Hiddo Heerspink said:

While the study did not show a statistically significant difference in its primary endpoint, the effects in people with baseline albuminuria of over 500mg/g provides informative insight that certainly warrants further analysis.

About the company

Dimerix is a drug company that develops treatments for unmet medical needs. It has been listed on the ASX since 2014.

On 3 September 2020, Dimerix announced it had been awarded $1 million from the medical research futures fund to support a respiratory study in COVID-19 patients. The company said experts believed that its DMX-200 drug candidate may have applications in treating lung inflammation in patients suffering from COVID-19.

In the year to 30 June 2020, Dimerix saw a loss of  $4.49 million or 2.62 cents per share. The company had cash reserves of $7.8 million at 30 June 2020.

The Dimerix share price is up 225.84% since its 52-week low of 8.9 cents, and up 123% since the beginning of the year. The Dimerix share price is up 222.22% since this time last year.

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Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Dimerix (ASX:DXB) share price has plunged 63% today appeared first on Motley Fool Australia.

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