Dimerix Ltd. raised about A$7.6 million through a previously announced 1-for-2 entitlement offer of ordinary shares.

The Melbourne, Australia-based company issued about A$3.1 million of new shares priced at 12 Australian cents each under the offer, and received about A$4.5 million in additional funding through its oversubscribed shortfall.

Dimerix will use proceeds to take its lead compound DMX-200 into a phase 2 kidney disease trial and help develop commercial scale batches for the drug. Funds will also support preparations for DMX-200's phase 3 evaluation, along with other pipeline opportunities.