Diurnal announces the appointment of Richard Bungay as Chief Financial Officer

Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, today announces the appointment of Richard Bungay as Chief Financial Officer (CFO), effective 16 January 2017. Richard succeeds Ian Ardill who has given notice of his resignation as the Company’s CFO in order to pursue other business opportunities. Ian will leave Diurnal on 13 January 2017 and will be available to support an orderly handover.

Mr. Bungay has over 20 years’ experience in corporate roles within R&D-based companies within the biotechnology and pharmaceutical sector, including as CFO of both public and private companies, with a particular focus on financing, investor relations and business development. Most recently, Richard has been CFO and Chief Operating Officer of Mereo BioPharma Group plc (AIM: MPH, “Mereo”), a biopharmaceutical company focused on rare and specialty diseases. During his time at Mereo, Richard was a key member of the executive team raising funds totalling over £90 million, through a private placement at the launch of Mereo in July 2015 and a subsequent private placing and introduction of its shares on AIM in June 2016.

Earlier in his career, Richard was Director of Corporate Communications and Strategic Planning at Celltech Group plc until its acquisition by UCB for £1.5bn in 2004, with responsibilities that included spearheading investor relations activities to maintain a large and diverse US and European shareholder base and corporate M&A, including supporting large business development transactions as well as several acquisitions.

Following his time at Celltech, Richard was CEO (and before that CFO) of Chroma Therapeutics Ltd, a VC-backed biotechnology company that was developing novel small molecules for inflammation and oncology, where he was instrumental in raising over £55m in financing and executing several large business development transactions.

Richard’s other experience includes CFO of Glide Technologies, a device and development company focused on solid dose formulations of therapeutics and vaccines, where he remains a Non-Executive Director on the Board, CFO of Verona Pharma plc (AIM: VRP), a drug development company focused on first-in-class medicines to treat respiratory diseases, where he was a key member of the team raising a £14m secondary financing on AIM, and Finance Director within the Respiratory and Inflammation Therapy Area at AstraZeneca.

Richard qualified as a Chartered Accountant with Deloitte in 1993.

Peter Allen, Non-executive Chairman of Diurnal, commented:

“We warmly welcome Richard Bungay to the Company and the Board. Richard’s extensive experience of the biotechnology and pharmaceutical sector, including his recent experience in another public company focused on rare and specialty diseases, will be invaluable as Diurnal strides towards realising its ambition of becoming a world leading endocrinology specialty pharma company.

The Board would like to thank Ian for his contribution and hard work during this formative time for Diurnal. We wish him well for the future.”

The following information is disclosed pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies. Richard Edward Bungay, aged 47 years, has been a director of the following companies during the five years preceding the date of this announcement: 

Current directorships

Past Directorships

Glide Pharmaceutical Technologies Ltd

Chroma Therapeutics Ltd

MacroTarg Ltd

Mereo BioPharma Group plc

Mereo BioPharma 1 Ltd

Mereo BioPharma 2 Ltd

Mereo BioPharma 3 Ltd

The Forest School Academy Trust

Save as set out above there are no further disclosures pursuant to Rule 17 or Schedule Two paragraph (g) of the AIM Rules for Companies.

Mr Bungay has no beneficial interest in the ordinary shares of the Company.

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

Diurnal Group plc     

Martin Whitaker, CEO    

Tel: +44 (0)20 3727 1000

Numis Securities Ltd (Nominated Adviser)    

Nominated Adviser: Michael Meade, Freddie Barnfield,  Paul Gillam    

Corporate Broking: James Black    

Tel: +44 (0)20 7260 1000    

FTI Consulting     

Simon Conway    

Victoria Foster Mitchell

Tel: +44 (0)20 3727 1000   

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