Sun Biomedical (ASX:SBN) has signed an agreement to acquire Dimerix Bioscience, a public unlisted clinical stage drug discovery and development company, based in Melbourne.
Dimerix’s lead clinical program is a Phase 2 study in patients with Chronic Kidney Disease, using its novel combination therapy, DMX200.
The acquisition will transform Sun Biomedical into an advanced clinical stage company.
Upon successful results from the Phase 2 study, Dimerix intends to pursue the pathway of registration of a product for an orphan indication, such as Nephrotic Syndrome.
Dimerix leverages its knowledge of drug target interaction and develops new combination therapies using already marketed compounds for new medical indications.
This positions Dimerix's therapies with a fast route to market due to extensive safety data for the selected compounds, thus removing the requirement for Phase I studies.
SBN will undertake a placement of up to 160 million shares to clients of Forrest Capital $0.01 to raise up to $1.6 million, and 60 million Advisor Options to Forrest Capital exercisable at $0.01 by 30 June 2017.
Total consideration for the acquisition comprises 750,000,041 shares; 30,851,592 management options exercisable at $0.02 by 30 June 2017; and various performance milestone shares.
