Diurnal Group’s £20 Million Fundraising

Fieldfisher has advised Panmure Gordon on the deal.

Panmure Gordon acted as sole broker on an oversubscribed fundraising for AIM-listed Diurnal Group plc, a specialist pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases. The fundraising consisted of a placing, subscription and open offer to raise approximately £20 million.

The fundraise completed in mid-May, following shareholder approval. The proceeds will be used to progress the pivotal Phase 3 studies of Diurnal’s Efmody treatment, a modified-release formulation to mimic the physiological 24-hour profile of cortisol, in the US through to registration to treat congenital adrenal hyperplasia (CAH) and continued support of the group’s earlier stage pipeline.

The Fieldfisher team advising Panmure Gordon was led by corporate partner Dominic Gurney-Champion (Picture).

Involved fees earner: Dominic Gurney-Champion – Fieldfisher;

Law Firms: Fieldfisher;

Clients: Panmure Gordon;

Author: Federica Tiefenthaler