Australia's Dimerix hits highest in 2-1/2 years on placement

Dimerix

12/03/2024 02:27

** Shares of Dimerix  DXB.AX  rise as much as 20% to
A$0.360, their highest since Aug 16, 2021
    ** The biopharmaceutical co says it has raised A$20 mln
($13.22 mln) via an placement
    ** Proceeds will be used to complete the ACTION3 Phase 3
clinical study in patients with focal segmental
glomerulosclerosis (FSGS), among others 
    ** FSGS is a rare type of kidney disease that causes
scarring in the filters of the kidneys
    ** Adds issue price of A$0.30 represents nil discount to
co's last close
    ** About 20.6 mln shares change hands, 5.5x the 30-day avg
volume
    ** Co was on a trading halt on Monday
    ** Stock up ~46% YTD, as of last close

    ($1 = 1.5124 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))