UK, Diurnal Receives £600,000 Investment from Fusion IP and Finance Wales
Diurnal, an early stage company from the University of Sheffield, has received a £600,000 investment from Fusion IP (AIM: FIP) and Finance Wales.
Cardiff, Wales-based Diurnal is developing a novel approach to drug delivery which will help patients suffering from reduced cortisol and testosterone levels.
Working with Penn Pharmaceuticals, a Tredegar-based pharmaceutical services company and Merthyr, Tydfil-based Simbec Research, the company will use the funds to continue to develop its new formulation approach to endocrine therapy and to complete Phase I clinical trials of its flagship product Chronocort® for adrenal insufficiency in H1 2010.
Following the investment, Fusion IP, which already had a stake in Diurnal, will have a 51.6% shareholding in the company.
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