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Diurnal Ltd Float

Diurnal Ltd Float


The flotation of a Cardiff Medicentre based Diurnal Ltd a specialty pharmaceutical company which raised about £30m.

Diurnal raised £28.4m net of expenses through an initial public offering (IPO) on AIM, backed by IP Group and Finance Wales.

A total of 52.2 million shares in the company were issued immediately following admission, giving a market capitalisation of about £75.2m.

Diurnal, a spin-out from the University of Sheffield, develops products to treat hormone deficiencies, known as endocrine diseases.

Funding from the float will be used to accelerate the development of its two leading product candidates which are either in, or expected to commence shortly, late-stage clinical development.

Shareholders IP Group and Finance Wales supported the transaction, alongside other UK and international institutional and other investors. Law firm Eversheds also advised.

IP2IPO, a subsidiary of the IP Group, is also providing about £4.7m by way of a five year, interest-free, unsecured convertible loan.

Published on Tue, 19th Jan 2016

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