The Dimerix Ltd (ASX: DXB) share price has raced out of the gates this morning following news that one of its treatments has been included in a global COVID-19 clinical study.
Dimerix is a clinical-stage biopharmaceutical company that develops new therapies in areas with unmet medical needs. In doing so, the company leverages its scalable proprietary platform technology, Receptor-HIT, to rapidly screen and identify new drug opportunities.
Why the Dimerix share price is flying higher
This morning, Dimerix announced that its novel treatment DMX-200 has been selected for inclusion in the REMAP-CAP global study protocol for acute respiratory distress syndrome (ARDS) caused by COVID-19.
The REMAP-CAP clinical study is endorsed by the World Health Organisation and has been named by the chief medical officers of the UK as a key clinical trial for COVID-19.
REMAP-CAP is an international platform trial run by a number of leading experts, institutions, and research groups. The trial already has several existing treatment domains including anti-viral, immune-modulation and immunoglobulin treatment arms. DMX-200 will now be part of a new treatment group to compare the effect of a number of treatment options on the clinical outcomes of COVID-19 patients requiring hospital care.
Upon regulatory approval, Dimerix believes DMX-200 could be the only investigational new drug in the study since all of the other candidates are a repurposing of existing approved drugs.
The overall REMAP-CAP study plans to include more than 7,000 patients at study sites across Asia-Pacific, Europe and North America. Dimerix stated it will work closely with REMAP-CAP to obtain the necessary regulatory and ethics approvals before providing DMX-200 to sites from its existing pharmaceutical-grade manufactured supply.
In addition to potentially benefitting ARDS patients with COVID-19, Dimerix is currently developing DMX-200 for both diabetic kidney disease and focal segmental glomerulosclerosis (a kidney-related disease).
Commenting on today’s update, Dimerix CEO and managing director Dr Nina Webster said:
“We are extremely pleased to be in a position to support this global initiative investigating the potential of multiple therapies to treat COVID-19 patients dying of ARDS”.
“Dimerix is uniquely positioned to support the global effort in identifying COVID-19 treatments, as well as having two Phase 2 renal clinical studies completing mid- 2020,” she added.
The Dimerix share price rocketed as much as 120% this morning to an intra-day high of 59.5 cents in early trade. It has since pulled back to 44 cents at the time of writing, representing a 63% jump. This takes Dimerix’s current market capitalisation to around $80 million.
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Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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