Diurnal, a UK-based pharmaceutical spinout from Sheffield University, is reported to be planning an initial public offering on London’s alternative investment market, Aim, according to Insider Media.
The company develops products to treat hormone deficiencies and is backed by intellectual property investor IP Group, EU and Welsh government-supported Finance Wales.
Finance Wales and university commercialisation firm Fusion IP, since acquired by IP Group, first invested in Diurnal’s £450,000 ($676,000) round in April 2009. IP Group invested a further £6m in August 2014, giving it a majority stake of 51.7% in the company.
To date Diurnal has raised approximately £11.9m.
The company plans to float on London’s alternative investment market, Aim, reportedly hoping to complete the listing by the end of this month.
