Patient Recruitment and quarterly cash flow update
Our 2021 Biotech Pick of the Year, Dimerix (ASX:DXB), released its quarterly today as well as an investor presentation which provided an update on patient recruitment for their crucial Phase 3 FSGS trial.
Below is a chart which shows DXB’s progression towards completion of patient recruitment for Part 1 of the FSGS trial, which will enable an interim analysis (a major potential catalyst for DXB):
Key takeaways:
- Patient recruitment on track - 48 patients of required 72 (67% complete)
- Interim analysis in mid 2023 on track - as a result of the patient recruitment numbers DXB remains confident that they will get the first data from the Phase 3 trial on time
- Good cash position - this was a major positive DXB has ~$12M in cash ($6M existing +$6M from the R&D Tax Incentive Rebate just received) meaning we’re confident enough to say that DXB is fully funded through to the the interim analysis for the FSGS trial
- Reduced cash outflow - $3.5M which is a big improvement on the $7.2M last quarter which was due to trial start up costs. We expect this number to come down further over the next quarter as start up costs for the trial will no longer be required.
- Lots of big transactions in kidney space - billions of dollars are flowing to the kidney treatment deal space. In particular, the Vifor Pharma and Angion Biomedica deal which has a total deal value $1.9BN. That was for a Phase 3 renal treatment for acute kidney injury.
What’s next for DXB? We’re hoping to see further patient recruitment updates in particular when that magic 72 patient number is hit. DXB is expecting to reach 72 patients recruited in November at the current rate.
