Ann: Positive interim analysis of DMX-200 phase II data-DXB.AX, page-19

Initial comments... Excellent result!!

To date: shown to be safe and well tolerated (21 patients). Primary end point of the study.

Strong efficacy signal. A reduction of 50% or more in patients already on Irbesartan is massive!! So let's say a patient starts on Irbesartan and on average their proteinuria will drop by 25%. Eg. starts at 100, now 75. Then to reduce the 75 by at least another 50% is an amazing result. 75 now goes down to 37.5 or less. That's a 62.5% or more reduction from baseline. Keep in mind, Retrophin announced a 44.8% reduction from baseline in FSGS. So this is an excellent result for Dimerix. The other patients are still in the dose escalation phase and so the final Part A data will tell us how many have reached this high threshold of reduction. As stated before, even half that reduction (ie 25%) would be significant for a safe treatment applied to patients with CKD. This result will definitely get people in Pharma talking! Other patients may have had reductions too, just not to the 50% level yet.

Excellent recruitment rate over the past 6 months. 18 recruited over the last 6 months! Shows strong trial doctor interest.

Part A will complete recruitment by next month! The quote from Dr Packham suggests they have all the info they need from Part A to move on to Part B.

This is a BUY!! Market didn't get the lead this morning so fell away as those waiting to get out after the announcement saw little appreciation today and got out. I dare say, they probably have little idea what this announcement means.

This will take a little time to digest by the educated few and for them to buy and then get the message out. At $18M MC, this is an amazing opportunity for us all. Retrophin went up over $200M in MC in the US on their Ph2 data.