The chief executive of listed business Diurnal has said the company’s latest financial year marked a key transition in progress towards its vision of “becoming a world-leading endocrinology specialty pharma company” after increasing its commercial footprint in key marketplaces.

Insider Media reports in the year to June 30th 2020 total revenues rose from £1m to £6.3m, including £3.9m in licensing income.

Sales of Diurnal’s Alkindi product climbed by 130% to £2.4m.

The increase in Alkindi revenues coupled with Eton licensing income and reduced operating expenses allowed Diurnal to reduced operating losses from £14.5m to £5.4m.

During the year the business completed an £11.2m placing with institutional investors to fund further development of Diurnal’s late stage pipeline and commercial roll out.

Chief executive Martin Whitaker said “During the financial year we have made significant progress as a business, both financially and operationally. We have increased our commercial footprint in key markets whilst advancing both Alkindi Sprinkle in the US and Chronocort in Europe along their respective regulatory pathways.

“During the next 12 months we anticipate significant value inflection points for Diurnal, with the anticipated approvals for Alkindi Sprinkle in the US and Chronocort in Europe, following recent approvals for Alkindi in Australia and Israel.

“We will also assess the opportunities for progression of Chronocort into Phase 3 development in the US and DITEST into its next clinical trial, following confirmation of the regulatory path with the FDA.

“Our successful fundraise in March 2020 has significantly strengthened our financial position and allows us to progress our vision of becoming a world-leading specialty pharma company in endocrinology, underpinned by the further development of our cortisol deficiency business, represented by Alkindi and Chronocort.”