StockMarketWire.com - Diurnal Group reported wider first-half losses as revenues were offset by increased investment in clinical development activities.

First-half losses before tax widened to £9.6m from £7.8m, total revenues were £186,000.

Looking ahead, the company said based on cost reduction, cash resources were expected to last until at least fourth 2019. As

'Diurnal believes that clarification of the regulatory path for Chronocort in Europe is the key step in the implementation of the Group's strategic plans,' the company said.

In a separate statement, the company said it had signed an distribution agreement with Swedish-based Anthrop Pharmaceuticals to sell the company's pharma products in Sweden, Norway, Denmark, Finland and Iceland. The company also

The agreement covered the commercialisation of Diurnal's Alkindi, a treatment designed for use in children suffering from adrenal insufficiency.

Under the terms of the agreement, Anthrop would receive the exclusive rights to market and sell Alkindi in the Nordic region. Diurnal would provide Anthrop with product for sale from its established European supply chain.

The first launch was planned for Sweden in Q2 2019.

'The Nordic region represents a significant market opportunity for Diurnal, with around 490 paediatric patients, providing an estimated total market opportunity for Alkindi of approximately $3.3m per annum,' the company said.

'We believe that Anthrop's local expertise in the Nordic region will significantly accelerate the commercial uptake of Alkindi® in these territories, whilst enabling us to focus the Group's resources on the larger European markets,' said Martin Whitaker, Chief Executive Officer of Diurnal.

'In particular, we believe that Anthrop is well-placed to maximise the value of Alkindi® given their previous experience with paediatric products, including products authorised under PUMA (paediatric use marketing authorisation).'





At 8:02am: [LON:DNL] Diurnal Group Plc share price was +2p at 25.5p



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