Dimerix posts modest gain as first Japanese payment for DMX-200 lands

Dimerix Ltd (ASX:DXB) has confirmed its receipt of its first $3.2 million payment from Japan’s FUSO Pharmaceutical Industries as part of a deal struck in January.

Under that deal, FUSO and Dimerix teamed up to develop and commercialise Dimerix’s drug ‘DMX-200’ in Japan, which treats Focal Segmental Glomerulosclerosis (FSGS), a scar tissue disease affecting kidneys.

The $3.2M upfront payment is the first of multiple Dimerix expects, with up to $30M in payments possible under the FUSO deal. Another $4.1M is expected in the next six to 12 weeks as the first clinical trial in Japan begins.

That timeframe is based on the certainty FUSO is already identifying trial sites ahead of the ‘ACTION3’ trial. Notably, FUSO is also responsible for all trial costs.

FUSO isn’t the only DMX-200 partner, either.

Dimerix has struck deals with Advanz Pharma in 2023 and Taiba in 2024, meaning all in all, the DMX-200 licence sees Dimerix facing nearly $460M in total upfront payments (assuming these milestone payments are met and royalties on sales).

“Under the agreement, FUSO has been granted exclusive rights to commercialise DMX-200 for FSGS in Japan. However, Dimerix retains all rights to commercialise DMX-200 in all territories other than those covered by the FUSO, Advanz Pharma and Taiba license agreements,” Dimerix explained Tuesday.

Shares jumped 2.3% in the first half hour of trades.

DXB last traded at 45cps.

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