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Fieldfisher advises Panmure Gordon on fundraising for Diurnal Group Plc of up to £10m
We're delighted to announce that Fieldfisher's leading equity capital markets team represented Panmure Gorden (UK) Limited on the oversubscribed fundraising for Diurnal Group Plc of up to £10m.
The fundraising comprised an £8m placing and an open offer of up to £2m and the proceeds will be used to progress the development and commercialisation of Diurnal's products, including:
• The continued development of the Company's native oral testosterone formulation, DITEST™ including completion of a Phase 1 multiple ascending dose study in the US;
• Progression of early-stage pipeline into proof-of-principle clinical studies, including the modified-release T3 programme; and
• Commencement of Phase 3 preparation activities for Chronocort® in the US and preparation for Alkindi® and Chronocort® in Japan.
Equity Capital Markets partner, Dominic Gurney-Champion, was the lead partner advising Panmure Gordon with support from Corporate associate, Lily Searle.
Commenting on the fundraising, Dominic Gurney-Champion, partner, said:
"We're very pleased to act for Panmure Gordon on this fundraising for Diurnal to allow them to continue development of their oral testosterone product DITEST and other activities. This follows on from previous fundraisings, led by Panmure Gordon, for Diurnal earlier in the year and also in 2019 on which we also had the pleasure of advising.
Generally, this sector has seen strong activity over the last few months and we have been thrilled to advise a number of corporates and a variety of investment banks on deals in this sector, which is one of the key areas of focus for Fieldfisher."
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About Fieldfisher's Life Sciences group
Fieldfisher’s life sciences team is an integrated team of lawyers with a presence in many European hubs. The group has 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.
They are frequently engaged to assist life sciences clients with corporate M&A, IPOs, joint ventures, employee incentives, tax structuring and corporate restructuring.
The equity capital markets team has advised on the many of Life Sciences listings on international AIM markets and our venture capital practice is renowned for its work with life science businesses at all stages of the corporate growth cycle.
The fundraising comprised an £8m placing and an open offer of up to £2m and the proceeds will be used to progress the development and commercialisation of Diurnal's products, including:
• The continued development of the Company's native oral testosterone formulation, DITEST™ including completion of a Phase 1 multiple ascending dose study in the US;
• Progression of early-stage pipeline into proof-of-principle clinical studies, including the modified-release T3 programme; and
• Commencement of Phase 3 preparation activities for Chronocort® in the US and preparation for Alkindi® and Chronocort® in Japan.
Equity Capital Markets partner, Dominic Gurney-Champion, was the lead partner advising Panmure Gordon with support from Corporate associate, Lily Searle.
Commenting on the fundraising, Dominic Gurney-Champion, partner, said:
"We're very pleased to act for Panmure Gordon on this fundraising for Diurnal to allow them to continue development of their oral testosterone product DITEST and other activities. This follows on from previous fundraisings, led by Panmure Gordon, for Diurnal earlier in the year and also in 2019 on which we also had the pleasure of advising.
Generally, this sector has seen strong activity over the last few months and we have been thrilled to advise a number of corporates and a variety of investment banks on deals in this sector, which is one of the key areas of focus for Fieldfisher."
-ends-
About Fieldfisher's Life Sciences group
Fieldfisher’s life sciences team is an integrated team of lawyers with a presence in many European hubs. The group has 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.
They are frequently engaged to assist life sciences clients with corporate M&A, IPOs, joint ventures, employee incentives, tax structuring and corporate restructuring.
The equity capital markets team has advised on the many of Life Sciences listings on international AIM markets and our venture capital practice is renowned for its work with life science businesses at all stages of the corporate growth cycle.