Martin Whitaker, chief executive of Diurnal, has said his company has made significant steps towards becoming a revenue generating specialty pharma company focused on endocrinology.

Insider Media reports in interim results for the six months to December 31st 2017, Cardiff headquartered Diurnal posted operational losses of £7.7m. Operational losses in the same period twelve months earlier were £5.7m.

The company received European market authorisation for its first product earlier this year with the product, Alkindi, set to be launched in Q2 2018. The company is slating its second product for launch in 2020. The company also received its first patents in the period, and believes it has a transformational period ahead.

Martin Whitaker said “Since our last results announcement, the company has made significant steps towards becoming a revenue-generating specialty pharma company focused on endocrinology. The approval of our first product, Alkindi, in Europe in early 2018 highlights the company’s ability to take a product from concept through to commercialisation, with market launch planned in Q2 2018. We are also pleased to complete patient recruitment in the European Chronocort Phase III study, with data expected later in 2018. Our experience in the development, registration and preparation for launch of Alkindi will be invaluable in the progression of Chronocort towards potential approval and launch in 2020. This positive momentum is also reflected in our US programmes; we have made significant progress with the development of Alkindi and Chronocort for this important market, with activities to support the planned Alkindi Phase III regulatory package ongoing and Chronocort Phase III development expected to commence later in 2018.”

A statement from the company said “Diurnal believes that it has a transformational period ahead. With the first commercial launch of Alkindi scheduled for Q2 2018, the company will generate its first revenues during 2018.”