(Alliance News) - Diurnal Group PLC on Tuesday reported an improved performance in the first half of its current financial year, thanks to multiple launches of its lead product Alkindi.
The AIM-listed pharmaceutical company said its loss narrowed in the six months to the end of 2019 to GBP4.5 million from GBP9.6 million reported a year earlier, as revenue surged to GBP1.2 million from GBP186,000.
"Diurnal has continued to experience strong commercial traction for Alkindi with robust growth in sales," said Chief Executive Martin Whitaker.
Diurnal is currently developing two products, Chronocort and Alkindi, for patients suffering from the orphan diseases congenital adrenal hyperplasia and adrenal insufficiency.
During the first half, the company said it launched Alkindi in Sweden, Denmark, Norway and Iceland, with further launches planned in 2020 in Europe. In addition, Diurnal said it expects US regulatory approval for Alkindi in the final quarter of 2020 and European regulatory approval for Chronocort in the first quarter of 2021.
"Diurnal believes that it is strongly positioned to capitalise on the progress with its pipeline and to secure funding for the next stage of its development into a world-leading endocrinology specialty pharma company," added Whitaker.
Diurnal shares were trading flat in London on Tuesday at 25.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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