Diurnal’s fundraising exceeded expectations
Diurnal Group, the speciality pharma company targeting patients with endocrine diseases, successfully raised a total of £11.2m on Friday, at the prevailing Bid Price of 32p, representing approximately 30% of the company’s enlarged shares capital after the placing.
The company, a longstanding Panmure Gordon corporate broking client, initially announced an accelerated book build to raise at least £7m.
Freddy Crossley, Head of Healthcare, said: “Diurnal’s fundraising exceeded expectations despite the challenging market conditions, which is testament to the quality of the company, its growth story and our own resolute commitment to see our client companies funded for future growth. We are delighted to continue to support their commercial development plans which will make a real difference to patient’s lives.”
Diurnal will use the proceeds to progress the development and commercialisation of Diurnal’s products.