The delivery technology has potential to treat patients with deficiencies in steroid or thyroid hormones, testosterone and related conditions by regulating metabolism, growth, development and puberty.
Diurnal is working with Penn Pharmaceuticals Simbec Research to develop Chroncort, a treatment for adrenal insufficiency and the company’s lead candidate. Using the funding Diurnal is aiming to complete Phase I trials in the first half of 2010.
Fusion IP contributed £300,000 of the investment, with Finance Wales putting forward the rest.