A Welsh pharmaceutical company has revealed plans to raise approximately £10m to help it continue to develop a new product.

Insider Media reports Diurnal Group, who listed on AIM, will look to secure £8m through a conditional placing and a further £2m through an open offer.

Cardiff based Diurnal is a specialty pharmaceutical company dedicated to developing hormone therapeutics to aid lifelong treatment for rare and chronic endocrine conditions, including congenital adrenal hyperplasia, adrenal insufficiency, hypogonadism and hypothyroidism.

The company has a strong, multi-skilled entrepreneurial management team with extensive pharmaceutical product development experience and an affiliated network of world class clinical experts in the area of endocrinology.

The company’s mission statement is “To address the major unmet clinical and patient needs in endocrinology by creating products for the lifelong treatment of chronic conditions.”

Chief executive Martin Whitaker said “Diurnal has continued to make excellent progress in 2020 despite the challenging global conditions.

“We have partnered Alkindi Sprinkle with Eton Pharmaceuticals in the US and subsequently received approval from the US FDA.

“These new funds will be used primarily to support the continued development of the Group’s third product, DITEST, as well as commencing phase three preparation activities for Chronocort in the US and progressing the group’s early-stage pipeline.

“Having supported the company in building a European commercial infrastructure and launching its first product in Europe, we would like to thank our existing shareholders, and new investors, as we deliver on our ambition to become a world-leading endocrinology specialty pharma company.”