Hardman & Co Research: Diurnal (DNL): $52.5m US deal strengthens balance sheet further
Diurnal is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products are targeting rare conditions where medical need is currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Alkindi® is currently being rolled out through key European markets and has been submitted to the FDA for approval, with a PDUFA date set at 29 September 2020. Meanwhile, Diurnal has signed an exclusive US commercial deal with Eton Pharmaceuticals, a specialty pharma company focused on hospital and paediatric products. This, together with the recent Placing, has strengthened the balance sheet.Diurnal Group is a pharma company developing products for the life-long treatment of chronic endocrine conditions. Co. is focused on addressing clinical and patient needs in hormone replacement, initially by developing and marketing products for the rare orphan diseases congenital adrenal hyperplasia and adrenal insufficiency. Co.'s products include Infacort®, an immediate-release hydrocortisone preparation targeting Adrenal Insufficiency (including Congenital Adrenal Hyperplasia) in children under six years of age in Europe and 16 years of age in the U.S.; and Chronocort®, a modified-release hydrocortisone preparation, initially targeting Congenital Adrenal Hyperplasia in adult patients.
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