Dimerix (ASX:DXB) share price soars as boss looks back on ‘pivotal’ year

It was a big FY21 for Dimerix. Here’s what its CEO has to say about it.

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The Dimerix Ltd (ASX: DXB) share price is taking off today. Meanwhile, the company has conducted its annual general meeting (AGM).

At the meeting, CEO Dr Nina Webster looked back on a year she described as “pivotal for the future of Dimerix”.

Webster also stated she expects the drug discovery company will begin to glide through the final stages of development and towards profitability.

While Webster’s comments weren’t released to the public until mid-afternoon, the Dimerix share price has been soaring since this morning.

At market close on Monday, shares in the company finished at 33 cents apiece. That represents a 6.45% gain on their previous closing price.

Let’s take a look at the year that’s been for Dimerix and what Webster believes the future will hold.

Dimerix’s boss on a successful FY21

The Dimerix share price is in the green today, the same day the company presented its AGM.  

In the meeting, Webster pointed to the achievements the company made over financial year 2021.

These included 2 clinical studies in which the company’s lead drug candidate, DMX-200, treated COVID-19 patients.

The company also prepared for another phase 3 study into using DMX-200 to treat focal segmental glomerulosclerosis (FSGS).

With numerous drugs in the final stage of trials, Webster noted the company’s portfolio is positioned for growth with commercial potential.

Webster also noted that, while much of the global population is, or soon will be, vaccinated against COVID-19, there will still be a need for treatments against the virus.

Additionally, drugs that can treat severe COVID-19 have typically been more expensive than other similar drugs. This has provided DMX-200 with an attractive market.

Finally, Dimerix finished FY21 under budget.

The company is now looking forward to providing guidance for all its near-term propositions, including the FSGS phase 3 program and its 2 COVID-19 clinical studies.

Dimerix is also engaging with potential licensing partners with the aim to provide the best outcome for its patients and shareholders.

It’s also building alliances with others in commercial, clinical and manufacturing areas to enhance its chances for success.

Dimerix share price snapshot

Today’s included, the Dimerix share price has gained 35% so far this year.

It is also 30% higher than it was this time last year.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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