Biofusion plc (“Biofusion”) today announces that Phoqus Group plc (“Phoqus”) intends to raise approximately £3 million, gross of expenses to progress Chronocort™ into Phase II clinical trials for the treatment of adrenal insufficiency. Chronocort™, which has European Orphan Medicinal Product designation, is being developed in collaboration with Biofusion subsidiary company Diurnal Limited (“Diurnal”) and is expected to be ready for market in the next two to three years. Diurnal, in which Biofusion holds a 60% stake, expects Chronocort™ will generate significant royalty revenues in a market worth in excess of £75m.
David Baynes, CEO of Biofusion said:
“As the majority shareholder in Diurnal this is very good news for Biofusion. Phoqus is committed to taking Chronocort™ through Phase II trials and the estimated timescales for development mean Diurnal should be receiving royalties from sales of the product from 2008/9 onwards.”
Chronocort™ is a modified release formulation of hydrocortisone to treat adrenal insufficiency. The product is designed to mimic the natural rhythm of hormone levels in the body which is considered important in controlling disease symptoms and reducing unwanted side effects.