A SPIN-OUT from the University of Sheffield is to float on the Alternative Investment Market after conditionally raising £30m.
Diurnal Group was founded in 2004, based on the work of Prof Richard Ross, who is the group’s chief scientific officer. He is a world expert on endocrine conditions, which relate to how hormones are made by glands and transferred into the body’s bloodstream.
Prof Ross’s work at the University of Sheffield led him to create innovative pharmaceutical products that mimic the body’s natural hormone rhythm with the potential to improve patients’ lives.
Diurnal Group, which is now based in Cardiff, is a portfolio company of IP Group, which has a Leeds base and develops intellectual property-based businesses. It will have a 45% stake in Diurnal when it goes public.
Diurnal’s shares will float at 144p, raising £30m – £28.4m after expenses – which will give the group a market value of £75.2m.
Dr Martin Whitaker, chief executive of Diurnal, previously worked for Fusion IP with responsibility for commercialising research from the Medical School at the University of Sheffield.
He said: “Our vision is to become the world’s leading endocrinology specialty pharma company targeting under-served patient needs in chronic hormonal diseases. We have identified a number of such needs which we estimate represent a combined market opportunity of more than $11bn.
“We are excited to be entering this new chapter in Diurnal’s evolution.”
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