21/12/2015

Finance Wales portfolio company successfully completes £30 million Initial Public Offering (IPO) on the Alternative Investment Market (AIM)

Headquartered at the Medicentre in Cardiff, Diurnal develops innovative approaches to drug delivery and has today successfully completed an Initial Public Offering (IPO) on the London Stock Exchange’s Alternative Investment Market (AIM) raising £30 million.

Finance Wales was a cornerstone investor in Diurnal and its investment first attracted the company to Wales.  Finance Wales has since become a long-term backer of Diurnal, co-investing alongside IP Group and other investors.

Welcoming Diurnal’s news, Dr Melanie Goward, Deputy Fund Manager in Finance Wales’ Technology Ventures team said: “Finance Wales has continued to back Diurnal since we made our first seed investment in this impressive company in 2009 and we congratulate the team at Diurnal on achieving this key milestone.  It’s exciting to see Wales become home to a listed specialty pharmaceutical company like Diurnal.  I look forward to more of the companies in Finance Wales’ growing technology ventures portfolio following Diurnal’s example.” 

Dr Martin Whitaker, CEO of Diurnal, commented:

We are delighted to have been able to complete our IPO successfully. The new funds will allow us to accelerate the development of our two leading product candidates which are in, or expected to commence shortly, late-stage clinical development targeting diseases of cortisol deficiency; Chronocort®, to be used for Congenital Adrenal Hyperplasia (“CAH”) in adults, and Infacort®, to be used for Adrenal Insufficiency (“AI”), including CAH in children. Our lead product candidate, Infacort®, is anticipated to receive its first regulatory approval in Europe in the third quarter of 2017.

“Our vision is to become the world’s leading endocrinology specialty pharma company targeting under-served patient needs in chronic hormonal diseases. We have identified a number of such needs which we estimate represent a combined market opportunity of more than $11 billion. As potential prescribing endocrinologists for our products are predominantly concentrated in specialist centres throughout Europe and the US, we believe there is significant opportunity, at the right time, to build a cost-effective, focused sales and marketing operation. This should enable us to maximise the value from our product candidates, once approved, and create a base for further growth through in-licensing.

“We are excited to be entering this new chapter in Diurnal’s evolution. This IPO is a major milestone for the Company which would not have been possible without the hard work of our employees. We also wish to thank our existing investors for their continuing support and welcome our new shareholders.

Publication of Admission Document, £30 million Fundraising and Proposed Admission to AIM