Diurnal Limited has announced today that it has secured the return of the clinical, commercial and intellectual property data package from Phoqus Pharmaceuticals PLC.
Diurnal was founded in 2004 as a spin-out from the University of Sheffield (Sheffield, UK) based on the research into circadian hormone rhythms by leading endocrinologist Prof Richard Ross.
Diurnal had entered into a 4-year collaboration and license agreement with Phoqus Pharmaceuticals PLC (West Malling, UK) which yielded the successful completion of three Phase 1 clinical trails and one Phase 2 clinical trial of Chronocort® - a modified release hydrocortisone formulation for the treatment of Adrenal Insufficiency. The collaboration came to an end in July 2008 when Phoqus announced that it was to go into administration. Under the terms of the collaboration and license agreement all clinical, commercial and intellectual property data was returned to Diurnal.
Diurnal is now actively seeking partners and investors to continue with the development of the Chronocort® programme.