Sheffield spin-out to float on AIM

Sheffield spin-out to float on AIM

A University of Sheffield pharmaceutical spin-out is set to float on the Alternative Investment Market (AIM) after raising £30m.

Diurnal, the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, is expected to begin floating on 24 December under the symbol “DNL”.

Existing shareholders, IP Group plc and Finance Wales plc, supported the investment, alongside other UK and international institutional and other investors.

Dr Martin Whitaker, CEO of Diurnal, said: "Our vision is to become the world's leading endocrinology specialty pharma company targeting under-served patient needs in chronic hormonal diseases.

"We are excited to be entering this new chapter in Diurnal's evolution. This IPO is a major milestone for the company which would not have been possible without the hard work of our employees.

“We also wish to thank our existing investors for their continuing support and welcome our new shareholders."

A total of 52,210,759 Shares will be in issue immediately following admission, giving a market capitalisation of approximately £75.2m at the placing price.