Diurnal, a Cardiff, UK-based developer of a novel approach to drug delivery designed to help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone), has raised £335k in financing.
Following the funding, Fusion IP (AIM: FIP), which invested £135k in the round, kept its shareholding at 43.1 %.
The company intends to use the capital to complete the final stage of its Phase I trial and prepare for the Phase II trials for its lead product, Chronocort®, a modified release therapy that delivers hydrocortisone in a manner that mimics the body’s normal circadian rhythm (the body’s natural 24 hour hormone cycle) to help patients suffering from diseases due to cortisol deficiency: congenital adrenal hyperplasia and adrenal insufficiency.
Phase II trials are due to commence during 2012, with an estimated Phase II completion date of mid-2013.
Diurnal is led by General Manager Martin Whitaker.