23rd Jun 2014 10:01
LONDON (Alliance News) - IP Group PLC Monday said its portfolio company Diurnal Ltd has seen positive results from its six month phase 2 clinical study in 16 adults suffering from the rare disease Congenital Adrenal Hyperplasia, and it has already started a phase 3 study which would take Chronocort to the market.
The developer of intellectual property based businesses holds a 41.8% interest in Diurnal, a spin-out company from the University of Sheffield.
IP Group said that Diurnal announced that its Chronocort as a treatment for Congenital Adrenal Hyperplasia trial, successfully met its primary endpoint.
Congenital Adrenal Hyperplasia is a condition characterised by deficiency in cortisol, an essential hormone in regulating metabolism and the response to stress.
Chronocort is Diurnal's patented, modified-release, oral formulation of hydrocortisone that allows for release of the hormone in a manner that mimics the natural circadian rhythm. It has the potential to help patients suffering from diseases due to cortisol deficiency, congenital adrenal hyperplasia and adrenal insufficiency.
"Having achieved this Phase 2 result, Diurnal is now on the brink of a pivotal Phase 3 study that will take Chronocort to market," said IP Group Chief Executive Alan Aubrey in a statement.
IP Group shares were trading 0.1% higher Monday morning, at 200.11 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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