Diurnal, the physiological hormone replacement company, is pleased to announce that Diurnal has successfully raised £335K (USD$ 536K; Euro 400K) for its lead product, Chronocort®, to complete the final stage of its Phase I trial.
Based in Cardiff, Diurnal is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone). Chronocort® is a modified release therapy that delivers hydrocortisone in a manner that mimics the body's normal circadian rhythm (the body's natural 24 hour hormone cycle). This therapeutic approach has the potential to help patients suffering from diseases due to cortisol deficiency: congenital adrenal hyperplasia and adrenal insufficiency. Each of these diseases requires life-long treatment and Diurnal's novel approach to drug delivery has the potential to significantly improve patients' lives.
The funding will also enable the company to prepare for the Phase II trials, which are due to commence during 2012, with an estimated Phase II completion date of mid-2013.
Chronocort® has already received two related Orphan Drug designations from the European Medicines Agency, which affords ten years of market exclusivity after the grant of marketing authorisation in Europe.
Martin Whitaker, General Manager at Diurnal Ltd, stated:
"Diurnal is delighted with this latest round of investment which will enable the company to accelerate its Chronocort® development programme."
Melanie Goward, Senior Investment Executive at Finance Wales, commented:
"Chronocort® promises to transform the long-term treatment of patients with cortisol deficiency, so it's good news that it's Phase I trials are going well. We're pleased to continue to support Phase I with another investment round and have high hopes for their successful completion. Moving to Phase II, later this year will be a major turning point for the company."
For further information please contact:
Martin Whitaker, PhD (General Manager)
+44 (0) 871 716 8848