LONDON (Alliance News) - Specialty pharmaceutical company Diurnal Group PLC on Wednesday posted a widened pretax loss for the first half of its financial year due to costs associated with its AIM listing.
Diurnal, which does not generate any revenue, said its pretax loss for the half year to the end of December was GBP3.5 million, compared to GBP1.3 million a year earlier. The company joined AIM in December after raising GBP25.3 million and booked costs relate to this, along with a doubling of its research and development spending.
In the half, Diurnal said the first patients were treated in its European Phase III trial of its Chronocort product for congenital adrenal hyperplasia and in its phase III trial of its Infacort treatment for paediatric adrenal insufficiency.
Diurnal Chief Executive Martin Whitaker said the company will use the funds raised from its IPO to back its push to become a leader in the endocrinology pharmaceutical sector and said it expects marketing authorisation for its first product towards the end of 2017.
Diurnal shares were up 1.7% to 149.00 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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