London Stock Exchange welcomes Diurnal Group plc

London Stock Exchange welcomes Diurnal Group plc ("Diurnal" or the "Company") to the start of dealings in its shares and admission to AIM, today, 24 December 2015, under the ticker DNL.

Diurnal is a clinical stage specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases which the Company believes are currently not met satisfactorily by existing treatments. It has identified a number of specialist endocrinology market opportunities in Europe and the US that are together estimated to be worth more than $11 billion per annum.

The Company has raised approximately £30 million (£28.4 million net of expenses) by way of a placing of 17,603,759 new ordinary shares priced at 144 pence per Share (the "Placing Price") to institutional and other investors (the "Placing") and through IP2IPO Limited (a subsidiary of IP Group plc) ("IP2IPO") making a £4.7 million convertible loan available to it. A total of 52,210,759 Shares are in issue, giving a market capitalisation, on Admission, of approximately £75.2 million at the Placing Price.

The new funds will accelerate the development of two leading product candidates which are in, or expected to commence shortly, late-stage clinical development targeting diseases of cortisol deficiency; Chronocort®, to be used for Congenital Adrenal Hyperplasia ("CAH") in adults, and Infacort®, to be used for Adrenal Insufficiency ("AI"), including CAH in children. The lead product candidate, Infacort®, is anticipated to receive its first regulatory approval in Europe in the third quarter of 2017.

Dr Martin Whitaker, CEO of Diurnal, commented:

"We are delighted to be entering a new chapter in Diurnal’s evolution with this listing of our shares on AIM. The new funds we have raised will allow us to accelerate the development of our two leading product candidates which are in, or expected to commence shortly, late-stage clinical development targeting diseases of cortisol deficiency; Chronocort®, to be used for Congenital Adrenal Hyperplasia in adults, and Infacort®, to be used for Adrenal Insufficiency including CAH in children. Our lead product candidate, Infacort®, is anticipated to receive its first regulatory approval in Europe in the third quarter of 2017. London is a great Market and we believe AIM is an excellent platform from which we will continue to build a world-class British specialty pharmaceutical company targeting patient needs in chronic endocrine diseases."

The nominated adviser and broker to the Company is Numis Securities Limited ("Numis")