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Diurnal Group expects admission of new shares amid product launch funding
Pharmaceutical company Diurnal on Tuesday announced the expected admission of a slew of new shares this week as the company raises funds for operations including the launch of its Alkindi product in Europe.
Application had been made for 1,632,882 EIS/VCT shares to be admitted to trading on the London stock exchange, which was expected for 0800 BST on Wednesday, which the company said would be followed by an additional 3,893,432 general shares and 3,229,575 convertible loan shares on the next day.
On 14 March, the company announced its intention to raise £11m through the placing as it seeks to fund a variety of operations.
Alkindi had the potential to become the first licenced hydrocortisone product in Europe specifically designed for use in children with adrenal insufficiency.
Aside from completing development of Alkindi and launching the product in Europe, the funds would be utilised to complete the European development of Chronocort, a hydrocortisone product intended to closely mimic the cortisol circadian rhythm.
A pivotal phase III study in the US for Chronocort was also set to start, with an expansion into adrenal insufficiency via a phase II clinical trial anticipated to start later this year.
Following the second admission on Thursday, the total issued share capital will have increased to 61,336,523 ordinary shares of £0.05 each, with each ordinary share continuing to carry the right to one vote.
As of 1505 BST Diurnal Group's shares were unchanged at 199.00p.