Dimerix Secures Up to A$34m Non-Dilutive Loan Facility

Dimerix Limited (ASX:DXB) has entered into non-dilutive loan facility agreements with a group of Australian and United States based lenders to access up to A$34 million, a figure the release states is based on a 60-day Wall Street Journal average exchange rate of 1 USD = 1.4228 AUD from 1 July to 1 September 2026. The amount includes the previously announced SKIPTAN facility from 17 July 2026, whose terms have been amended to standardise key terms across all lenders other than in respect of security. The release is internally inconsistent on its size: the body calls it an initial facility of A$10 million, while Appendix 1 lists two SKIPTAN entities committing A$2,000,000 and A$10,000,000. The SKIPTAN entities are each an associate of Mr Peter Meurs, a substantial shareholder of Dimerix, are related parties of Dimerix, and remain unsecured pending a waiver of ASX Listing Rule 10.1 or shareholder approval, while the unrelated lenders hold security granted by the company and Dimerix Biosciences Pty Ltd under a General Security Deed that applies only to principal drawn down and accrued interest. Interest is 10 per cent per annum, compounding annually, and applies only to the facility amount drawn down and received, with repayment due by 17 January 2028.

Dimerix has elected to draw down initially only 50 per cent of the committed amount, which must be drawn by 18 September 2026, with the remainder at the company's discretion up to 31 March 2027, after which any undrawn balance lapses. The facility provides the option to take further commitments for up to a total of A$50 million, a deadline the body of the release gives as on or before 31 March 2027 and Appendix 1 gives as before March 2027, and the company said it currently has no plans to access that additional funding. Based on its present operating plans and anticipated expenditure, Dimerix said existing cash reserves together with the loan agreements fund it through to completion of the ACTION3 Phase 3 trial of DMX-200 in focal segmental glomerulosclerosis and the planned Phase 2 trial of DMX-652 in acute kidney injury. The lenders also hold an unsecured right to an aggregate 30 per cent of each milestone payment received by Dimerix under DMX-200 commercial licence agreements, capped in aggregate at 2.0 times the amount drawn down and received. The company said it has secured five commercial partners across major markets, generating A$81 million in upfront payments received to date and creating the opportunity for a further A$237 million in development milestone payments ahead of commercial launch.