- Diurnal Group announced Wednesday that it has successfully secured funding commitments to raise gross proceeds of approximately £10m through a placing with new and existing investors.

Diurnal Group also announces a proposal to raise up to a further £1m before expenses by granting an option to each of the joint brokers to place up to a further 526,315 option shares in total at the placing price from the release of this Announcement to 5.00 p.m. on 20 March 2018.

The net proceeds of the placing will be used to progress the development and commercialisation of Diurnal's products including launching Alkindi in Europe, commencing the Phase III study of Chronocort in the US and completing the development of Chronocort in Europe.

Martin Whitaker, PhD, Chief Executive Officer of Diurnal, said: 'Diurnal has delivered a number of key milestones set out at the time of our initial public offering in December 2015, most importantly the European approval of Alkindi, our first product to receive marketing authorisation. The funds raised will allow us to launch this product and to support the further development of Alkindi and Chronocort in the US and Europe as we begin to realise our vision of becoming a world-leading specialty pharma company in endocrinology. I would like to thank our employees for their passion, knowledge and expertise in creating and developing a unique and highly specialised pipeline of products.'

At 9:03am: [LON:DNL] Diurnal Group Plc share price was -15p at 199p

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