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.
