Ann: Quarterly Appendix 4C and Activities Report, page-214

DMX-200 for FSGS has orphan drug status which comes with a streamlined trial process that is compressed and therefore faster and cheaper, and well within Dimerix's capability to run. DMX-200 for DKD on the other hand will require a much longer and larger trial process that will take years and considerable expense to complete.

So the rationale would be for Dimerix to do the FSGS trials in-house without having to share any eventual revenue with a partner. This could be funded by further (modest) capital raises, or better still with upfront fees obtained from a Big Pharma partner who takes on the DKD Phase 3 trial in exchange for a share of future revenue. If the FSGS trial is successful, revenue will flow more quickly and fund future activities (such as DMX-700 development and perhaps dividends to shareholders).