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Diurnal to raise £10M to help commercialize hormonal disorder drug

Diurnal Ltd. said it secured £10 million in investment commitment to help commercialize its medicine Alkindi.

The Cardiff, U.K.-based specialty pharmaceutical company will issue 1,578,557 enterprise investment scheme/venture capital trust shares and 3,684,600 general shares at £1.90 each to new and existing shareholders.

Diurnal plans to raise an additional £1 million by granting each of the placement's joint brokers — Numis and Panmure Gordon 526,315 option shares that can be exercised for £1.90 each.

Alkindi was recently approved in Europe to treat children with adrenal insufficiency, a rare hormonal disorder, making it the first Diurnal product to receive marketing authorization. Diurnal also plans to commercialize the drug in the U.S.

The company also plans to use funds raised for the clinical development of another adrenal insufficiency drug, Chronocort, in the U.S. and Europe.