Diurnal Interim Loss Widens On Cost Rise As Prepares For First Revenue

LONDON (Alliance News) - Pharmaceutical firm Diurnal Group PLC said Monday its interim loss widened amid a rise in research and administrative expenses, as it prepares to generate its maiden revenue in the remainder of the year.

For the six months ended December, pretax loss widened to GBP7.8 million from GBP5.7 million the year prior. This was after research and development costs and other administrative expenses rose in the period to a combined GBP7.7 million from GBP5.7 million. Diurnal generated no revenue in either years.

"Since our last results announcement, the company has made significant steps towards becoming a revenue-generating specialty pharma company focused on endocrinology," Diurnal Chief Executive Officer Martin Whitaker said. "The approval of our first product, Alkindi, in Europe in early 2018 highlights the company's ability to take a product from concept through to commercialisation, with market launch planned in Q2 2018."

Diurnal said it will generate its first revenue in 2018.

"We are also pleased to complete patient recruitment in the European Chronocort Phase III study, with data expected later in 2018," Whitaker added. "Our experience in the development, registration and preparation for launch of Alkindi will be invaluable in the progression of Chronocort towards potential approval and launch in 2020. This positive momentum is also reflected in our US programmes; we have made significant progress with the development of Alkindi and Chronocort for this important market, with activities to support the planned Alkindi Phase III regulatory package ongoing and Chronocort Phase III development expected to commence later in 2018."

Shares in Diurnal were 0.5% lower at 210.00 pence on Monday.