An accredited Developing
Stage business incubator
uk inspire Send this page | Bookmark | Print |

Business incubator for biotech and medtech startups

 

Diurnal targets Phase 2 trials with venture capital investment

Cardiff Medicentre's biotech startup Diurnal has successfully raised £335,000 for its lead product Chronocort to complete the final stage of its Phase I trial. The funding will also enable the company to prepare for Phase II trials, which are due to commence during 2012.

Diurnal is a Fusion IP portfolio company and is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol.

Chronocort is a modified release therapy that deliversthe hormone in a manner that mimics the body’s normal circadian rhythm. This approach has the potential to help patients suffering from congenital adrenal hyperplasia and adrenal insufficiency.

Diurnal raises £335k to complete Chronocort Phase I trial and prepare for Phase 2 trials.


Commentary

Dr Mark Bowman, Director of Innovation at Cardiff Medicentre said "This is an important funding round for Diurnal and marks the transition of Chrononort into its Phase 2 clinical trial programme."

He added "It is vital that Wales begins to build a stock of credible drug development companies. Diurnal is a very good example of such a company and Cardiff Medicentre is delighted to act as its base."

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 Thu, 15th Mar 2012

 
tenants
how to apply
directions

Follow us

  • RSS Feed