(Alliance News) - Pharmaceutical firm Diurnal Group PLC on Monday said revenue from its Alkindi medicine climbed in the first-half of its financial year, with further product launches in Europe scheduled for 2020.
In the six months to December 31, revenue in Alkindi - a treatment for adrenal insufficiency - rose sharply to GBP1.1 million from GBP200,000 the year before.
Adrenal insufficiency is when the body's glands do not produce enough cortisol. Those who suffer from it could experience muscle weakness and excessive fatigue.
Alkindi was launched in the UK, Germany, Austria, Sweden, Norway, Denmark and Iceland during the six-month period. In the remainder of the 2020 calendar year, launches are expected in Italy, the Netherlands and Spain.
Also, Diurnal submitted a Marketing Authorisation Application for its Chronocort cortisol replacement product. The application, to the European Medicines Agency, is an important regulatory step before bringing a pharmaceutical product to market.
Chief Executive Martin Whitaker said: "Diurnal starts 2020 in a strong position, with regulatory submissions completed during 2019 for Alkindi in the US, Israel and Australia and for Chronocort in Europe. We are pleased that Alkindi revenues continue to grow strongly and look forward to further launches during the first half of 2020 in Italy and the Netherlands, following agreement of pricing, and in Spain in the second half of 2020.
"We are also pleased with the continued progress in our US licensing discussions following the submission of our new drug application for Alkindi in late 2019, and believe we remain on track to announce a licensing partner in the first half of 2020."
Diurnal shares were 3.7% higher at 28.00 pence each in London on Monday morning.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.