RE: Q4 20192 Oct 2019 08:35
They appear to be financed 'until at least Q2 2020'
Financial outlook
Following the cost reduction measures outlined above and the net proceeds from the placing and open offer completed in June 2019, Diurnal expects its cash resources to last until at least Q2 2020 based upon current planned expenditure which is focused on submission of marketing authorisation applications for Chronocort® in Europe and Alkindi® in the US and continued development of the European commercial organisation and roll-out of Alkindi® together with ongoing licensing disussions. Diurnal believes that submission of the marketing authorisation applications, planned for Q4 2019, are key steps in the implementation of the Group's strategic plans that will support further financing activities. In addition, the Group is encouraged by US interest in its late-stage pipeline, which provides an opportunity to generate non-dilutive income, including potential for signature fees, milestone payments and development cost funding.