Fieldfisher advises on £20 million fundraising for Diurnal Group

Fieldfisher's top ranked equity capital markets team has advised Panmure Gordon as sole broker on an oversubscribed fundraising for AIM-listed Diurnal Group plc, a specialist pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases. The fundraising consisted of a placing, subscription and open offer to raise approximately £20 million.

The fundraise completed in mid-May, following shareholder approval. The proceeds will be used to progress the pivotal Phase 3 studies of Diurnal's Efmody treatment, a modified-release formulation to mimic the physiological 24-hour profile of cortisol, in the US through to registration to treat congenital adrenal hyperplasia (CAH) and continued support of the group's earlier stage pipeline.

The Fieldfisher team advising Panmure Gordon was led by corporate partner Dominic Gurney-Champion, assisted by associate Lily Searle.

About Fieldfisher Life Sciences team

Fieldfisher’s life sciences team is an integrated team of lawyers with a presence in many European hubs. We have a deep understanding of the sector bringing together transactional expertise with regulatory and compliance advice, to provide organisations with practical solutions, whether in one country or across a range of jurisdictions.

Our clients range from leading biotechnology, pharmaceutical, medical technology companies and healthcare organisations to academic institutions and entrepreneurs, offering innovative treatment solutions and undertaking ground-breaking research.

Fieldfisher's leading equity capital markets team is one of only four firms in the UK to be ranked Band 1 in Chambers & Partners for Equity Capital Markets (AIM). In 2019, they were the number 1 legal adviser on AIM by deal volume.

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