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Diurnal raises further investment

Cardiff Medicentre's biotech startup Diurnal, a Fusion IP portfolio company, has successfully completed a £770,000 venture capital funding round.

This investment will enable the company's lead product, Chronocort, to complete its Phase 1 trials and initiate its Phase 2 trials.

Diurnal is developing a novel approach to drug delivery which will help patients suffering from reduced cortisol and testosterone levels.

£770k investment in Diurnal.


Commentary

Dr Mark Bowman, Director of Innovation at Cardiff Medicentre said “Diurnal is now well placed to complete its early clinical trial programme."

He added "Wales needs more companies like Diurnal to build local expertise in the commercialisation of new therapeutic products."

For all Cardiff Medicentre media enquiries, please contact:

Carina Phillips
T: 07815 058283
E:carinaphillips@ntlworld.com

Notes to editors

About Cardiff Medicentre

Cardiff Medicentre is a dedicated incubator for biotech and medtech startups. The facility is set in the grounds of the University of Wales Hospital and is a neighbour to Cardiff University’s School of Medicine.

Established in 1992, Cardiff Medicentre is a joint venture between Cardiff Council, Cardiff University, the Welsh Government and Cardiff & Vale University Health Board. It was the first incubator of its kind in the UK and now provides 32 units of high quality office and lab space accommodation ranging from 284 sq ft to 1,045 sq ft. Low-cost desk leasing facilities are also available to encourage entrepreneurs to enter the Cardiff Medicentre community while writing business plans and raising finance.

Tenants at Cardiff Medicentre benefit from specialist support in establishing and growing their businesses. Their aim, and the aim of the Cardiff Medicentre management team, is graduation – the process of tenant businesses outgrowing the incubation facilities and moving into their own follow-on space, or being acquired.

Examples of successful graduate companies

  • Q Chip Ltd (completed $6 million venture capital investment round in 2011)
  • Cardiff Bioanalytical Services Ltd (acquired by LGC Ltd in 2010)
  • Cardiff Research Consortium (acquired by Capita Group plc for £11.6 million in 2009)
  • BioDynamics Research Ltd (acquired by Quotient BioResearch Ltd in 2008)
  • TrichoTech Ltd (acquired by Concateno plc for £11.25 million in 2007)
  • OnExamination Ltd (acquired by BMJ Group in 2007)

Published on Tue, 23rd Nov 2010

 
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