Funds raised for next stage of Diurnal development

Diurnal, a portfolio company of AIM-listed Fusion IP, has raised £1.2 million of new capital as well as completing Phase I trails of its lead product Chronocort.

Cardiff-based Diurnal develops drug delivery services which are aimed at helping patients which suffer from reduced levels of the hormone cortisol.

According to Fusion IP the funding will enable the business to complete its Phase II trails, which are set to begin in July 2012 and completed in mid-2013.

Fusion IP has invested £440,000 and now holds a 43.1 per cent stake in the company.

Peter Grant, operations director at Fusion IP, comments, 'This is tremendous news for Diurnal. The Phase I results were excellent and the company is now moving immediately to start its Phase II trails.'

Sheffield-headquartered Fusion IP is a university commercialisation company which turns university research into business.

Martin Whitaker, general manager at Diurnal, says that on the back of the new funding the company is expecting to generate revenues from the drug from 2015 onwards.