London, UK, 15 March 2021

Diurnal Group (DNL): Initiation - Improving treatments for endocrine disorders

We are initiating coverage on Diurnal Group, which is developing and commercialising multiple products from the class of steroid hormones. The company's first product, Alkindi, is marketed in the United States and Europe and it is aiming to launch its second product, Chronocort, in 2021. These products are oral formulations of hydrocortisone developed to treat disorders of the adrenal glands. Additionally, Diurnal is developing an oral testosterone, DITEST, which will be re-entering the clinic in 2021. We are initiating with a valuation of £199.6m or 144p per basic share.

Our initial valuation is £199.6m or 144p per basic share, driven primarily by Chronocort, which we value at £157m. Diurnal ended 2020 with £20.3m in cash, and we expect it to need £25m in additional capital to reach profitability in FY24. 
 

Click here to view the full report or here to sign up to receive research as it is published.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

Nathaniel Calloway +1 646 653 7036 healthcare@edisongroup.com

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        https://www.linkedin.com/company/edison-group-/

Twitter           www.twitter.com/Edison_Inv_Res

YouTube       www.youtube.com/edisonitv