Diurnal operating losses grow amid increase in investment, creation of commercial unit
Source - SMW
Diurnal Group reported a loss before tax of £7.8m for the six months ended 31 December 2017, wider than the £5.7m reported in the prior year period as operating losses grew to £7.7m from £5.7m.
The wider operating loss came amid increased investment in clinical and development activities and build-out of commercial organisation.
Held-to-maturity financial assets, cash and cash equivalents at 31 December 2017 was £14.0m, down from £25.6m reported in the prior year.
Net cash used in operating activities was £5.9m, in line with the board's expectations.
Net assets grew to £10.8m from £10.1m reported 30 June 2017.
Martin Whitaker, PhD, Chief Executive Officer of Diurnal, commented: 'Since our last results announcement, the Company has made significant steps towards becoming a revenue-generating specialty pharma company focused on endocrinology.'
'The approval of our first product, Alkindi, in Europe in early 2018 highlights the Company's ability to take a product from concept through to commercialisation, with market launch planned in Q2 2018. We are also pleased to complete patient recruitment in the European Chronocort Phase III study, with data expected later in 2018.'
'Our experience in the development, registration and preparation for launch of Alkindi will be invaluable in the progression of Chronocort towards potential approval and launch in 2020. This positive momentum is also reflected in our US programmes; we have made significant progress with the development of Alkindi and Chronocort for this important market, with activities to support the planned Alkindi Phase III regulatory package ongoing and Chronocort Phase III development expected to commence later in 2018.'
At 9:06am: (LON:DNL) Diurnal Group Plc share price was +2p at 213p