LONDON (Alliance News) - Speciality pharmaceutical company Diurnal Group PLC was admitted to trading on AIM Thursday, having raised GBP30 million.
Diurnal raised GBP25.3 million through the placing of 17.6 million new shares at 144 pence each, and also secured funds through a GBP4.7 million convertible loan from IP2IPO Ltd, a subsidiary of IP Group PLC. Shares in the company were up 4.9% at 151 pence in early trade Thursday.
IP Group has a 45.6% stake in Diurnal on admission.
At the placing price Diurnal has a market capitalisation of GBP75.2 million.
The company plans to use the funds to develop its two leading product candidates; Chronocort for the treatment of congenital adrenal hyperplasia in adults, and Infacort for adrenal insufficiency, including congenital adrenal hyperplasia, in children.
Infacort is expected to receive its first regulatory approval in Europe in the third quarter of 2017.
Numis Securities is acting as the company's nominated adviser and broker.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Ip Group (IPO)