LONDON (Alliance News) - Pharmaceutical firm Diurnal Group PLC said Thursday its annual loss deepened amid higher costs despite generating its first revenue from drug sales.
For the year ended June, the company's pretax loss widened to GBP16.9 million from GBP12.2 million the year prior. This was despite generating GBP73,000 in revenue during the year compared to nothing the year before.
Diurnal's loss widened as expenses rose during the period. Research & development costs rose to GBP10.0 million from GBP8.3 million the year prior. Meanwhile, administrative expenses jumped to GBP6.8 million from GBP3.8 million the year before.
"Diurnal has had a transformational year, with the approval of our first product, Alkindi, and delivery of our first commercial revenues following its launch in Germany in May 2018," Diurnal Chief Executive Officer Martin Whitaker said.
"We have also made excellent progress with our late-stage pipeline," Whitaker added, "in particular the completion of recruitment and treatment in our Chronocort European Phase III study, which is expected to report headline data in the fourth quarter of 2018, and with the establishment of a clear regulatory path in the US."
Alkindi is Diurnal's adrenal insufficiency treatment with Chronocort planned for the treatment of congenital adrenal hyperplasia in adults.
"With a number of key clinical and regulatory milestones due in the next 12 months, we believe that Diurnal is entering a very exciting period as it executes its strategy to become a world-leading, endocrinology focused speciality pharmaceutical company", Whitaker concluded.
Shares in Diurnal were 4.0% lower at 120.00 pence on Thursday.