Arrangements in place to ensure constant drug supply to patients across Europe
Steps taken to minimise impact of COVID-19 on business operations
Strong cash position following receipt of Eton Pharmaceuticals payment, with the Company now financed to profitability
Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, today provides a business update in relation to clinical, regulatory and commercial operations in the context of the current global coronavirus (COVID-19) outbreak.
Diurnal’s priorities are ensuring the health and safety of its staff and that of patients enrolled in the Company’s ongoing clinical study and ensuring that patients have uninterrupted access to its approved drug, Alkindi® (hydrocortisone granules in capsules for opening). To this end, Diurnal is focused on minimising any disruption to its business operations and ensuring that it is adequately capitalised to execute upon its business plan for the foreseeable future, specifically:
As a consequence of these steps, the Board is confident that Diurnal is well-positioned to minimise the impact of COVID-19 on the Company’s business. The Company will continue to monitor the COVID-19 situation closely and keep the market updated with any material future developments as appropriate.
Martin Whitaker, CEO of Diurnal, commented:
“Whilst the effects of COVID-19 continue to be felt throughout the world, our main priority is to closely monitor the situation for all our employees and patients. We will continue to move our business forward where possible. We have put in place contingency plans for the continued roll-out of Alkindi® in Europe and support of patients in the ongoing Chronocort® study and will monitor the effectiveness of these over the coming months. The Board remains confident that the Company is in a strong position both financially and operationally, now with enough cash to take the business through to profitability based upon its current plans without having to return to the market.”
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
Victoria Foster Mitchell
Notes to Editors
About Diurnal Group plc
Founded in 2004, Diurnal is a UK-headquartered, European specialty pharma company developing pharmaceutical 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: April 2020 Code: CORP-GB-0055
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