DNL Diurnal Group

Edison Investment Research Limited: Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders

Edison Investment Research Limited
Edison Investment Research Limited: Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders

15-March-2021 / 07:00 GMT/BST

 

London, UK, 15 March 2021

 

Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders

We are initiating coverage on Diurnal Group, which is developing and commercialising multiple products from the class of steroid hormones. The company's first product, Alkindi, is marketed in the United States and Europe and it is aiming to launch its second product, Chronocort, in 2021. These products are oral formulations of hydrocortisone developed to treat disorders of the adrenal glands. Additionally, Diurnal is developing an oral testosterone, DITEST, which will be re-entering the clinic in 2021. We are initiating with a valuation of £199.6m or 144p per basic share.

 

Our initial valuation is £199.6m or 144p per basic share, driven primarily by Chronocort, which we value at £157m. Diurnal ended 2020 with £20.3m in cash, and we expect it to need £25m in additional capital to reach profitability in FY24. 
 

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