15 Mar 2021 07:00
Edison Investment Research Limited Edison Investment Research Limited: Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders 15-March-2021 / 07:00 GMT/BST
London, UK, 15 March 2021
Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders We are initiating coverage on Diurnal Group, which is developing and commercialising multiple products from the class of steroid hormones. The company's first product, Alkindi, is marketed in the United States and Europe and it is aiming to launch its second product, Chronocort, in 2021. These products are oral formulations of hydrocortisone developed to treat disorders of the adrenal glands. Additionally, Diurnal is developing an oral testosterone, DITEST, which will be re-entering the clinic in 2021. We are initiating with a valuation of £199.6m or 144p per basic share.
Our initial valuation is £199.6m or 144p per basic share, driven primarily by Chronocort, which we value at £157m. Diurnal ended 2020 with £20.3m in cash, and we expect it to need £25m in additional capital to reach profitability in FY24. Click here to view the full report or here to sign up to receive research as it is published.
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1175229 15-March-2021
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