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Diurnal shares boosted by deal for Alkindi treatment in the Nordics

Published: 09:40 28 Mar 2019 GMT

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The product is scheduled to launch in Sweden in the second quarter of 2019

Diurnal Group PLC (LON:DNL) shares were given a boost in early trading on Thursday after it signed a marketing and distribution deal for its Alkindi treatment in the Nordics.

The pharma firm, which specialises in hormonal diseases, said the deal with Swedish group Anthrop Pharmaceuticals would cover the commercialisation of Alkindi across Sweden, Norway, Denmark, Finland and Iceland.

READ: Diurnal shares rocket after hormonal diseases specialist granted second US patent for cortisol replacement product, Chronocort

Diurnal said the agreement provided an estimated US$3.3mln per year market opportunity for Alkindi, with Anthrop receiving the exclusive rights to market and sell the treatment in the Nordic region.

The product is scheduled to launch in Sweden in the second quarter of 2019.

Alkindi is designed to treat children suffering from adrenal insufficiency, a condition where the body’s adrenal glands do not produce adequate amounts of steroid hormones such as cortisol, which helps regulate blood glucose and inflammation.

"We believe that Anthrop's local expertise in the Nordic region will significantly accelerate the commercial uptake of Alkindi in these territories, whilst enabling us to focus the Group's resources on the larger European markets”, said Martin Whitaker, Diurnal’s chief executive.

He added that the deal was part of the company’s strategy to build marketing and distribution capabilities in high-value markets outside its core European territories through “local licensing or distribution arrangements”. 

Alkindi launches push sales up in first half

In a separate announcement, the group reported a wider operating loss of £9.7mln in its first half compared to £7.7mln a year ago, while sales had jumped to £186,000 from zero on the back of Alkindi’s launches in Germany and the UK during the period.

Looking ahead, Diurnal said a new drug application (NDA) for Alkindi in the SU was scheduled to be submitted in the fourth quarter of 2019, saying it had received “strong interest” for the treatment in the American market.

Shares were up 26.7% at 29.8p.

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