Melbourne-based biotech company Dimerix Ltd [ASX: DXB] got a shot in the arm recently after being awarded $1 million from the Australian government’s Medical Research Future Fund.
This has pushed the DXB share price up 7.14% to trade at 75 cents at the time of writing.
What’s happening at Dimerix?
With the emergence of COVID-19, being involved in the biotech space is nothing but fast-paced.
Many agencies, countries and companies are now working together to find a solution to the virus as quickly as possible.
One of those is MTPConnect.
MTPConnect is a not-for-profit organisation aiming to accelerate the growth of medical technologies, biotechnologies and the pharmaceuticals sector to increase commercialisation and collaboration, and establish Australia as an Asia-Pacific hub for MTP companies.
The $1 million award will be delivered to Dimerix by MTPConnect over one month on the back of the Australian government’s BTB (Biomedical Translation Bridge) program — which is set up to nurture early-stage health and medical research to reach proof-of-concept, with the potential to attract further capital and support.
This injection of funds will be used to further the company’s inclusion in REMAP-CAP, which is a global network of more than 250 leading experts, institutions and research networks.
Dimerix will submit existing clinical drug candidate DMX-200, as it was selected for inclusion in the global REMAP-CAP study for patients with acute respiratory distress syndrome, which is associated with COVID-19.
Where to from here for Dimerix?
With no end in sight for COVID-19, companies, countries and organisations are racing to find a way to deal with it.
With COVID-19 understood to be a respiratory infection, these studies and trails are hugely important.
In my opinion, if medical studies are better funded, and biotech companies receive the support they need, we may have a better chance of getting out of this pandemic sooner.
With DXB’s share price recently creating a new all-time high, if it can continue its momentum then the next level to the upside may be 84 cents.
Should the share price turn and decline, then the levels of 66 cents and 58 cents may provide future support.
With 58 cents being the all-time high set back in June 2020, this could prove to be a very strong level.
For Money Morning
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