Dimerix (ASX:DXB) reached a major milestone upon securing non-dilutive loan facility agreements with a syndicate of Australian and US-based lenders to access up to AU$34 million, inclusive of the AU$10 million disclosed in July, Euroz Hartleys said in a Friday note.
The facility will fund the lead ongoing ACTION3 Phase 3 study of DMX-200 in focal segmental glomerulosclerosis and the planned Phase 2 of DMX-652 in cardiac surgery-associated acute kidney injury through to completion.
The facility accrues interest at 10% per year on drawn amounts only, and the drawdown window is extended to Mar. 31, 2027, from Dec. 31.
Euroz Hartleys reaffirmed its speculative buy recommendation on Dimerix and lifted its price target to AU$2.45 from AU$2.30.
Dimerix shares fell 2% in afternoon trade on Friday.