Drug discovery tearaway Dimerix – which is trading up more than...

Drug discovery tearaway Dimerix – which is trading up more than 200 per cent in the past six months thanks to a COVID-19 related trial – is making a trip to equity capital markets.

Drug discovery company Dimerix launched a capital raising on Thursday. Peter Braig

Fund manager sources said the company was looking to raise $5 million to prepare for a global study into Acute Respiratory Distress Syndrome (ARDS) caused by the coronavirus, that will use one of Dimerix's drugs.

Dimerix announced its DMX-200 drug would be a part of the global study at the start of June, which caused its shares to jump more than 60 per cent in a day.

Sources said the offer was priced at 36¢, which represented a 10 per cent discount to the company's 15-day VWAP. Dimerix's shares last traded at 44¢.

Taylor Collison was lead manager on the deal and Argonaut was chipping in as a co-manager. Bids into the book were due by 8pm on Thursday.

In addition to getting ready for the study, funds were also pegged for expanding Dimerix's manufacturing capabilities.