Business and trading update - Jan 2020

Strong revenue performance ahead of further country launches in Europe

Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, today provides a business and unaudited trading update for the six months ended 31 December 2019.

 Financial highlights:

• Alkindi® revenues for the six months ended 31 December 2019 were £1.1m. This compares to £0.2m for the six months ended 31 December 2018 (year on year growth of c. 450%) representing strong performance ahead of further launches expected in European countries this calendar year

• Cash position at 31 December 2019: £4.6m before an outstanding R&D tax credit claim of £2.1m in respect of 2019 financial year which the company expects to receive during 2020

 Operational highlights

• Alkindi® now launched in UK, Germany, Austria, Sweden, Norway, Denmark and Iceland, with further launches planned in Italy, Netherlands and Spain for 2020

• Submission of Marketing Authorisation Application (MAA) for Chronocort® to the European Medicines Agency (EMA) in December 2019

• US partnering discussions progressing following Alkindi® New Drug Application (NDA) submission in November 2019

 Martin Whitaker, Chief Executive Officer of Diurnal, commented:

“Diurnal starts 2020 in a strong position, with regulatory submissions completed during 2019 for Alkindi® in the US, Israel and Australia and for Chronocort® in Europe. We are pleased that Alkindi® revenues continue to grow strongly and look forward to further launches during the first half of 2020 in Italy and the Netherlands, following agreement of pricing, and in Spain in the second half of 2020. We are also pleased with the continued progress in our US licensing discussions following the submission of our NDA for Alkindi® in late 2019, and believe we remain on track to announce a licensing partner in H1 2020.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).

For further information, please visit www.diurnal.co.uk  or contact:

Diurnal Group plc +44 (0)20 3727 1000

Martin Whitaker, Chief Executive Officer 

Richard Bungay, Chief Financial Officer 

Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker) +44 (0) 20 7886 2500

Corporate Finance: Freddy Crossley, Emma Earl

Corporate Broking: James Stearns

Cantor Fitzgerald Europe (Joint Broker) +44 (0) 20 7894 7000

Corporate Finance: Phil Davies, Will Goode, Michael Boot

Healthcare Equity Sales: Andrew Keith

FTI Consulting +44 (0)20 3727 1000

Simon Conway 

Victoria Foster Mitchell

Notes to Editors

About Diurnal Group plc

Founded in 2004, Diurnal is a UK-based specialty pharma company developing high-quality products for the global market for the life-long treatment of chronic endocrine conditions, including Congenital Adrenal Hyperplasia and Adrenal Insufficiency. Its expertise and innovative research activities focus on circadian-based endocrinology to yield novel product candidates in the rare and chronic endocrine disease arena.

For further information about Diurnal, please visit www.diurnal.co.uk

Date of Preparation: January 2020     Code: CORP-GB-0047