StockMarketWire.com - Pharmaceutical company Diurnal Group raised approximately gross £5.35m through the placing of shares at a discount.

The company placed 20,576,924 shares at a price of 26 pence a share, representing a discount of approximately 16.1% to the mid-market closing price on 24 May 2019.

The company said it was also making an open offer, for up to 3,857,617m new shares, to raise up to approximately £1.00m.

The net proceeds of the placing and open offer would be used to progress the development and commercialisation of diurnal's products.

'The funds raised will allow us to progress our vision of becoming a world-leading specialty pharma company in endocrinology, in particular to support the commercial infrastructure for the further roll-out of Alkindi® in Europe, paving the way for the expected future launch of Chronocort®, and to secure partnerships for Alkindi® and Chronocort® outside of Europe,' said Martin Whitaker, PhD, Chief Executive Officer of Diurnal.

At 9:28am: [LON:DNL] Diurnal Group Plc share price was -2.5p at 28.5p



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