Summary of Dimerix (DXB) Update / Briefing August 18, 2025 Company Overview - Dimerix is an ASX listed company (Code: DXB) focused on inflammatory diseases, particularly kidney and respiratory diseases [1] Key Asset and Clinical Study - The primary asset is DMX200 (also known as KYTOVRA), which is undergoing a phase three clinical study for focal segmental glomerulosclerosis (FSGS), a rare kidney disease with no current treatments available globally [2][3] - Dimerix has received orphan drug designation for FSGS, providing advantages such as expedited market access, pricing incentives, and market exclusivity [2] Clinical Trial Details - The phase three clinical trial aims to assess the efficacy of DMX200 in reducing inflammation and preventing kidney scarring [8] - Key surrogate endpoints include estimated glomerular filtration rate (eGFR) and proteinuria, which are critical for evaluating kidney function and disease progression [9][13] - The trial is designed to include approximately 286 patients, with 225 already recruited [15][16] - Interim analyses have shown positive outcomes, indicating that patients on DMX200 are performing better than those on placebo [17] Regulatory Engagement - Dimerix is collaborating with the FDA and a working group called Parasol to define appropriate clinical endpoints for FSGS [4][19] - The potential for accelerated approval is being explored based on the correlation between early and later endpoints [21][22] Market Opportunity - FSGS is classified as a rare disease, but increasing biopsy rates are expected to raise its prevalence and incidence, making it a commercially attractive opportunity [25][26] - There are currently no approved treatments for FSGS, but similar rare kidney diseases have products priced between $100,000 and $500,000 per patient per year [27][28] Commercial Partnerships - Dimerix has established partnerships with four commercial marketing partners across various regions, including the US, Europe, Canada, Australia, New Zealand, the Middle East, and Japan [29] - The total deal value with these partners is up to $1.4 billion, with over $65 million already received [30] Financial Position - As of June, Dimerix had nearly $70 million in cash, sufficient to support the phase three clinical trial and explore additional pipeline opportunities [31] Future Catalysts - Key upcoming milestones include FDA feedback from the Parasol group, completion of the blinded interim analysis, and full recruitment by the end of the year [32] - There are also opportunities for further licensing deals in regions such as China and Latin America [32][33]

Summary of Medexus Pharmaceuticals (MEDX.F) FY Conference Call Company Overview - Medexus Pharmaceuticals is focused on the orphan drug space, aiming to improve outcomes for patients with rare diseases, effectively saving lives [1] - The company currently generates approximately $100 million in revenue, with 63% coming from the U.S. market [2] Financial Performance and Growth Potential - Medexus has launched a significant product, Grafapix (Triosulfan), which is expected to transform revenue from $100 million to between $250 million and $300 million, with improved gross margins [3] - The company has a positive EBITDA of around $20 million and anticipates significant growth due to Grafapix [3][27] - Grafapix has the potential to generate over $100 million in revenue, effectively doubling the current portfolio [10][18] Therapeutic Areas and Product Portfolio - Medexus operates in three therapeutic areas: hematology oncology, allergy dermatology, and autoimmune disease [4][31] - The company has a mature product pipeline and focuses on acquiring licensed drugs for commercialization rather than developing new drugs [5][6] - Grafapix is a conditioning agent for allogeneic stem cell transplantation, showing a 30% improvement in overall mortality and a 56% reduction in all-cause mortality at two years [11][17] - The company has a 56% market share in pediatric transplants and a 10% share in adult transplants in Canada, with expectations for growth following reimbursement approvals [15][16] Competitive Landscape and Market Position - Medexus has successfully captured a significant market share in its existing products, such as Xinity for hemophilia B, which has about 80% market share [19][20] - The competitive product for Risuvo has been removed from the market, providing additional growth potential for Medexus [21] - The company has a strong commercial platform and infrastructure in place to support the addition of new products [8][29] Strategic Focus and Future Outlook - Medexus emphasizes organic growth through business development, focusing on licensing and M&A to expand its product portfolio [7][25] - The company aims to grow beyond $500 million in revenue, leveraging the success of Grafapix and other products [34] - The financial outlook is positive, with expectations for continued growth and a strong valuation opportunity for investors [28][29] Regulatory and Market Approvals - Grafapix received FDA approval in January and was launched in February, with positive commercial uptake reported [12][13] - The company achieved a significant MTAP approval for Medicare patients, providing a reimbursement of $21,000, which enhances growth opportunities [14] Conclusion - Medexus Pharmaceuticals is well-positioned for significant growth driven by its innovative product Grafapix and a robust portfolio in the orphan drug market, with a clear strategy for expansion and a strong financial outlook [30][36]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported R&D expenses of $11 million, an increase from $9.1 million in the same period last year, primarily due to higher expenses related to the PHOENIX trial and manufacturing costs [8][9] - G&A expenses rose to $6.5 million from $1.4 million year-over-year, mainly due to increased share-based compensation [9] - The net loss for the quarter was $16.3 million, compared to a net loss of $9.5 million in the same period last year, with a significant portion of the increase attributed to non-cash share-based compensation of $7.6 million [9][10] - As of the end of Q2, the company had $149.2 million in cash and equivalents, with a projected four-year cash runway [10] Business Line Data and Key Metrics Changes - The company is advancing its drug teneraband, which is in global phase three trials for Stargardt's disease and geographic atrophy, with significant progress reported in both trials [4][5] - The Dragon trial for Stargardt's disease has completed interim analysis, and the FDA has recommended proceeding without modifications, with completion expected in Q4 2025 [6][15] - The global phase three study for geographic atrophy has completed enrollment with 529 subjects [7] Market Data and Key Metrics Changes - The company has received multiple designations for teneraband, including breakthrough therapy and orphan drug designations in the US, Europe, and Japan, indicating a significant unmet medical need [5] Company Strategy and Development Direction - The company aims to position teneraband as the first oral treatment for degenerative retinal diseases, focusing on completing its phase three trials and preparing for potential regulatory submissions [8][10] - The management is strategically expanding the Dragon two trial to additional countries to accelerate enrollment [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing trials and the potential for accelerated approval based on robust statistical significance from the interim data [15][26] - The company anticipates a cash burn of approximately $40 to $45 million over the next two years as it approaches key clinical milestones [46] Other Important Information - The company raised $15 million in gross proceeds from a registered direct offering on August 8, which supports its ongoing operations and trial commitments [7][10] Q&A Session Summary Question: Status of FDA discussion regarding interim data from the Dragon trial - Management confirmed that they have met with the FDA and are on track to potentially file for accelerated approval based on interim data, but a confirmatory follow-up study will still be required [14][15] Question: Upcoming presentations or data readouts - Management indicated that they plan to present eye data at the AAO conference in late October, but will keep efficacy data confidential until after submission [27][28] Question: Timing of data release after the Dragon trial finishes - Management expects to show statistically significant differences in lesion growth rates between treatment and placebo groups, which is critical for approval [36] Question: Current estimate timeline for reaching target enrollment in the Dragon-two trial - Management stated that enrollment is expected to complete by the end of the year, with strategic timing to avoid competition with the Dragon one trial [42] Question: Drivers for rising operating expenses - Management noted that the majority of the increase in operating expenses is due to share-based compensation, which is non-cash related, and expects cash burn to increase as they approach key milestones [46]

Core Viewpoint - Heng Rui Medicine has received orphan drug designation from the US FDA for its product, injection of Rikan Trastuzumab combined with Adebali monoclonal antibody and chemotherapy for gastric cancer or gastroesophageal junction adenocarcinoma [1][3] Group 1: Orphan Drug Designation - The orphan drug designation allows the company to benefit from US policy support in product development, registration, and commercialization [1][3] - Orphan drugs are defined as medications used for the prevention, treatment, or diagnosis of rare diseases [1] Group 2: Gastric Cancer Statistics - In 2022, gastric cancer ranked 5th in global cancer incidence and mortality, with 968,400 new cases and 659,900 deaths worldwide [1] - In China, there were 358,700 new cases and 260,400 deaths, ranking 5th in incidence and 3rd in mortality [1] Group 3: Product Details - Injection of Rikan Trastuzumab targets HER2-expressing tumor cells, inducing apoptosis through a mechanism involving toxin release [2] - The product is set to be approved for use in adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who have previously received at least one systemic treatment [2] - Competing products include Ado-trastuzumab emtansine (Kadcyla) and Fam-trastuzumab deruxtecan (Enhertu), with combined global sales projected at approximately $6.557 billion in 2024 [2] Group 4: Clinical Trial and Market Exclusivity - The orphan drug designation will expedite clinical trials and market registration processes [3] - The company will enjoy various policy supports, including tax credits for clinical trial costs, waiver of new drug application fees, and 7 years of market exclusivity post-approval [3]

Group 1: Policy and Regulatory Developments - The Shanghai regulatory authorities issued 18 measures to promote the high-quality development of commercial health insurance, focusing on expanding coverage to include new medical technologies and services [1] - The National Medical Products Administration is seeking public opinion on the draft guidelines for the quality management of medical device online sales, aiming to standardize inspection practices [2] Group 2: Company Announcements and Developments - Heng Rui Medicine announced that its product, injection of Rui Kang Qu Mo Zhu single antibody, received orphan drug designation from the FDA, which may provide policy support for its development and commercialization [3] - Di Zhe Medicine received Fast Track Designation from the FDA for its innovative drug DZD8586, aimed at treating relapsed refractory chronic lymphocytic leukemia [4] - Tuo Jing Life Sciences' subsidiary obtained two medical device registration certificates for diagnostic kits, enhancing its competitiveness in the in vitro diagnostic field [5] - Sino Medical's subsidiary received breakthrough medical device designation from the FDA for its intracranial drug-coated stent system, marking a significant achievement in domestic neurointerventional devices [6] Group 3: Financial Performance - BeiGene reported a net profit of 450 million yuan for the first half of 2025, marking a turnaround with a 45.8% increase in product revenue [7] - Tian Tan Biology's net profit decreased by 12.88% year-on-year, despite a 9.47% increase in total revenue, attributed to declining product prices and reduced interest income [8] Group 4: Investment Activities - Pian Zai Huang plans to invest 200 million yuan in the Gao Xin Run Xin Fund, which targets a total fundraising goal of 1 billion yuan, reflecting the company's strategy in the health industry [9] Group 5: Industry Collaborations - Jing Tai Technology and DoveTree established a collaboration worth 47 billion HKD for AI drug development, setting a new record in the AI pharmaceutical sector [10] Group 6: Shareholder Actions - Qian Hong Pharmaceutical announced plans for shareholders to reduce their holdings by up to 20.9 million shares, representing 1.63% of the total share capital [11] - Shu Yu Ping Min's controlling shareholder plans to reduce their stake by up to 2%, amounting to 804,730 shares [12]

审批结论：根据美国《联邦食品、药品和化妆品法案》第526条,授予注射用瑞康曲妥珠单抗联合阿得贝 利单抗注射液和化疗用于胃癌或胃食管结合部腺癌适应症的孤儿药资格。 一、药品的基本情况 药品名称：注射用瑞康曲妥珠单抗 适应症：联合阿得贝利单抗注射液和化疗用于胃癌或胃食管结合部腺癌 申请编号：DRU-2025-10850 申请人：江苏恒瑞医药股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 近日，江苏恒瑞医药股份有限公司（以下简称"公司"）产品注射用瑞康曲妥珠单抗联合阿得贝利单抗注 射液和化疗用于胃癌或胃食管结合部腺癌适应症获得美国食品药品监督管理局（以下简称"美国FDA"） 授予的孤儿药资格认定。孤儿药又称罕见病药，是指用于预防、治疗、诊断罕见病的药品。本次公司获 得美国FDA孤儿药资格认定，将有机会在产品研发、注册及商业化等方面享受美国的政策支持。现将相 关情况公告如下： 2025年8月6日 二、药品的其他情况 [1]．Freddie Bray et al. Global cancer statistics 2022 ...

Core Viewpoint - Heng Rui Medicine's product, injection of Ruikang Trastuzumab combined with Adebeli monoclonal antibody and chemotherapy, has received orphan drug designation from the FDA for the treatment of gastric cancer or gastroesophageal junction adenocarcinoma, which will provide opportunities for policy support in product development, registration, and commercialization [1][3] Group 1: Product and Market Context - Injection of Ruikang Trastuzumab targets HER2-expressing tumor cells, inducing apoptosis through a mechanism involving toxin release in lysosomes [2] - The global incidence of gastric cancer ranked 5th in 2022, with 968,400 new cases and 659,900 deaths, while China reported 358,700 new cases and 260,400 deaths, ranking 5th and 3rd respectively in cancer incidence and mortality [1] - Current first-line treatment standards have shown some clinical effectiveness but still face unmet clinical needs due to short survival periods and poor prognosis [1] Group 2: Competitive Landscape - Similar products available in the market include Ado-trastuzumab emtansine (Kadcyla) and Fam-trastuzumab deruxtecan (Enhertu), with combined global sales projected at approximately $6.557 billion for 2024 [2] - Ruikang Trastuzumab has accumulated R&D investment of about 1.259 billion yuan to date [2] Group 3: Regulatory and Developmental Advantages - The orphan drug designation allows for expedited clinical trial and registration processes, along with benefits such as tax credits for clinical trial costs, waiver of new drug application fees, and seven years of market exclusivity post-approval [3]

北京商报讯（记者 王寅浩 实习记者 宋雨盈）8月6日，恒瑞医药发布公告称，公司注射用瑞康曲妥珠单 抗获得美国食品药品监督管理局（简称"美国FDA"）授予的孤儿药资格认定。孤儿药又称罕见病药，是 指用于预防、治疗、诊断罕见病的药品。 ...

Core Viewpoint - Heng Rui Medicine has received orphan drug designation from the FDA for its product, injection of Rukang Qutuzumab combined with Adebeli monoclonal antibody and chemotherapy for gastric cancer or gastroesophageal junction adenocarcinoma, which will provide significant support in product development and commercialization [1] Group 1 - The product has been granted orphan drug status, which is aimed at drugs for rare diseases, allowing the company to benefit from U.S. policy support in various aspects [1] - The orphan drug designation will expedite the clinical trial and market registration process for the product [1] - The company will enjoy several policy benefits, including tax credits for clinical trial costs, waiver of new drug application fees, and seven years of market exclusivity post-approval [1]

Core Viewpoint - Heng Rui Medicine has received orphan drug designation from the U.S. FDA for its product, injection of Rukang Qutuzumab combined with Adebali monoclonal antibody and chemotherapy for the treatment of gastric cancer or gastroesophageal junction adenocarcinoma, which will provide various policy supports for product development and commercialization [1] Group 1 - The product has been granted orphan drug status, which is aimed at drugs for rare diseases [1] - This designation will accelerate the clinical trial and market registration process for the product [1] - The company will benefit from policy supports such as tax credits for clinical trial costs, waiver of new drug application fees, and seven years of market exclusivity post-approval [1]