A Cardiff Medicentre company which is backed by IP Group and
Finance Wales has outlined its plans to float on the London Stock Exchange.
Diurnal Group, a spin-out from the University of Sheffield, is focused on
developing products to treat hormone deficiencies, known as endocrine
diseases.
The business has identified "a number of conditions" within the field of
endocrinology which it believes are not adequately treated at present.
It therefore aims to develop products to address these patient needs
where there is either no licensed medicine or the current treatment does not provide sufficient benefit to
patients.
Diurnal has now outlined to investors plans to float on AIM and hopes to complete the listing later this month.
The move comes just over a year after the company raised £6m to support further trials of its products. IP Group committed up to £4.1m to the funding round.
In July, Diurnal also brought in Peter Allen as chairman who has extensive experience in the healthcare industry.
Allen served both as chairman and interim chief executive of ProStrakan Group prior to its 2011 acquisition by
Kyowa Hakko Kirin. He was also chairman of Proximagen Neurosciences.
