London-listed Diurnal Group (AIM:DNL) has more than halved its losses following a strong revenue performance for its Alkindi® product which demonstrated a year-on-year increase of 516%.
The pharmaceutical company which specialises in chronic endocrine (hormonal) diseases today released results for the sixth months ended 31 December 2019.
During the period, operating losses came to £4.6m, a 53% year-on-year reduction following a solid sixth months which had slashed development expenses and boosted revenues.
Amongst its operational achievements, the group highlighted the launch of Alkindi® across several European countries, with further launches anticipated for 2020, as well as a New Drug Application for FDA approval.
“Diurnal has continued to experience strong commercial traction for Alkindi® with robust growth in sales,” said Martin Whitaker, CEO of Diurnal.
Shares in Diurnal Group were trading flat at 25p during Tuesday trading.
A marketing authorisation application was submitted for Chronocort® (modified release hydrocortisone) to the European Medicines Agency (EMA) alongside an application for confirmation of Orphan Drug Status.
Meanwhile, positive results were delivered from a DITEST™ (native oral testosterone formulation) clinical trial, demonstrating its potential to be the first effective oral native testosterone treatment in an estimated US$4.8bn global market, the company noted.
The group said it anticipates US regulatory approval for Alkindi® for the fourth quarter of 2020 and European regulatory approval for Chronocort® in the first quarter of 2021.
“There also continues to be strong interest in Alkindi® and Chronocort® from potential US partners and we expect to conclude a US licensing deal in H1 2020,” added Whitaker.
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