Dimerix's (ASX:DXB) focal segmental glomerulosclerosis drug DMX-200's "blockbuster potential" is being overlooked by the Australian market, said Euroz Hartleys in a Friday note.

The research firm added that over the next 24 months, US development milestones alone could deliver AU$119 million in payments, with a further $56 million tied to first sales, which, combined with existing cash, represents above 80% of Dimerix's current market cap in cash.

Euroz Hartleys has maintained its speculative buy rating with an unchanged price target of AU$1.68.

The company's shares rose 11% in Friday's close of trade.