17th January 2013

Fusion portfolio company, Diurnal, successfully enrols first patient into CATCH Phase 2 trial

Fusion IP (AIM: FIP), the university commercialisation company which turns university research into business, is pleased to announce that Diurnal has successfully enrolled the first patient into the CATCH (Chronocort® As Treatment for Congenital Adrenal Hyperplasia) trial.

Based in Cardiff, Diurnal is developing a novel approach to drug delivery that will help patients suffering from reduced levels of the key hormone cortisol (hydrocortisone). Chronocort® is a modified release therapy that delivers hydrocortisone in a manner that mimics the body’s normal circadian rhythm (the body’s natural 24 hour hormone cycle). This therapeutic approach has the potential to help patients suffering from diseases due to cortisol deficiency: congenital adrenal hyperplasia and adrenal insufficiency. Each of these diseases requires life-long treatment and Diurnal’s novel approach to drug delivery has the potential to significantly improve patients’ lives.

The CATCH trial is a Phase 2 study in patients suffering from Congenital Adrenal Hyperplasia and is being run by the National Institute of Health (NIH), Maryland, US under a Cooperative Research and Development Agreement (CRADA) with an estimated completion date of mid-2013.

Chronocort® has already received two related Orphan Drug designations from the European Medicines Agency, which affords ten years of market exclusivity after the grant of marketing authorisation in Europe.

Fusion’s shareholding in Diurnal is 43.1%.

Peter Grant, Operations Director for Fusion IP, commented:

“The start of Phase 2 trials is tremendous news for Diurnal and we remain very excited about Diurnal’s prospects. Successful completion of the Phase 2 trial will be a significant value uplift event.”

Martin Whitaker, Chief Executive Officer, at Diurnal Ltd, added:

“Diurnal is delighted to announce the successful start of the CATCH study. The Chronocort® programme remains a key focus for Diurnal and, if the results from the current trial are positive, we expect to progress the product to late stage clinical trials in Congenital Adrenal Hyperplasia and Adrenal Insufficiency.”

For further information please contact: David Baynes, Fusion IP +44 (0) 114 275 5555