- Pharmaceutical company Diurnal more than halved first-half losses as revenue jumped and R&D costs fell sharply.

For the six months ended 31 December 2019, pre-tax losses more than halved to £4.5m from £9.6m on-year as revenues rose to £1.1m from £0.2m.

'The strong growth in revenues reflects both continued growth in Germany and the UK, where Alkindi was launched in May 2018 and September 2018 respectively, as well as sales from new launches in Austria, Sweden, Denmark and Iceland,' the company said.

R&D expenditure for the half year fell to £2.4m from £6.4m.

Diurnal said it expected its cash resources to last until at least into third quarter of 2020 based upon current planned expenditure but added that it was assessing opportunities for both equity and non-equity financing, in order to further extend its cash resources.

'Diurnal has continued to experience strong commercial traction for Alkindi with robust growth in sales. Further Alkindi launches are planned for 2020 in Europe, in addition to the recent launch in Italy. We also delivered on two major regulatory milestones, filing both the US NDA for Alkindi and European MAA for Chronocort submissions during Q4 2019,' said Martin Whitaker, PhD, chief executive officer of Diurnal.

'Diurnal anticipates US regulatory approval for Alkidi in Q4 2020 and European regulatory approval for Chronocort in Q1 2021,' Whitaker added.

At 8:27am: [LON:DNL] Diurnal Group Plc share price was +2.5p at 27.5p

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