Date: 2014-08-05
Type of information: Fundraising
Company: Diurnal (UK)
Investors: IP Group (UK)
Amount: up to £6 million (€ 7.54 million)
Funding type: fundraising
Planned used: Diurnal is a spin-out company from the University of Sheffield developing products for the treatment of hormone deficiency. Its lead product Chronocort® was recently the subject of a positive Phase 2 trial in the treatment of Congenital Adrenal Hyperplasia (“CAH”). Chronocort® is due to enter pivotal Phase 3 studies in the first half of 2015. The full £6m fundraising is subject to certain regulatory milestones being met and will enable Diurnal to complete the Phase 3 programme for Chronocort® as well as advance certain other pipeline programmes. Chronocort® is a patented, modified-release, oral formulation of hydrocortisone that allows for release of the hormone in a manner that mimics the natural circadian rhythm. This approach has the potential to help patients suffering from diseases caused by cortisol deficiency, which include Congenital Adrenal Hyperplasia and Adrenal Insufficiency. Each of these diseases requires life-long treatment and Diurnal’s novel approach to drug delivery has the potential to significantly improve patients’ lives. Chronocort® has already received two related Orphan Drug designations from the European Medicines Agency.
Others: * On August 5, 2014, Diurnal has announced a fundraising of up to £6 million. IP Group, a developer of intellectual property based businesses, has committed up to £4.1m of the £6m round which, if invested in full, would give the Group an undiluted beneficial interest of 51.7%. The full £6m fundraising is subject to certain regulatory milestones being met and will enable Diurnal to complete the Phase 3 programme for Chronocort® as well as advance certain other pipeline programmes.
Therapeutic area: Hormonal diseases - Endocrine diseases
