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Fusion IP PLC (FIP)

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Tuesday 03 September, 2013

Fusion IP PLC

Positive progress in portfolio company, Diurnal

RNS Number : 0506N
Fusion IP PLC
03 September 2013

3 September 2013


("Fusion" or the "Company")

Fusion portfolio company, Diurnal, announces positive progress in Chronocort® Phase 2 trial



Fusion IP plc (AIM: FIP), the university commercialisation company that turns world-class research into business, is pleased to announce that its portfolio company, Diurnal, a spin-out from the University of Sheffield, has successfully completed the pharmacokinetic part of its Phase 2 CATCH (Chronocort® As Treatment for Congenital Adrenal Hyperplasia) clinical study.

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). Pharmacokinetic data from the first part of the CATCH study has been received by Diurnal. The CATCH trial will now continue until the end of 2013 so that further data can be collected to support a Phase 3 registration study of Chronocort®.  The full read-out of the CATCH study is expected during Q1, 2014.

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).

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

Fusion's shareholding in Diurnal is 43.42%.

Peter Grant, Operations Director of Fusion IP, commented:

"We remain very excited about Diurnal's prospects.  Successful completion of the Phase 2 trial and progression into Phase 3 will be a significant event for the company."

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

"Diurnal is delighted to have completed the first pharmacokinetic part of the CATCH study which will support the on-going development of Chronocort®."

For further information please contact:

Fusion IP plc

David Baynes, CEO

+44 (0) 114 275 5555

Stuart Gall, Director



Cenkos Securities plc

Elizabeth Bowman, Bobbie Hilliam (Corporate Finance)

+44 (0) 20 7397 8900

Julian Morse (Sales)



Media enquiries

Allerton Communications

Peter Curtain

+44 (0) 20 3137 2500



About Fusion IP

Fusion IP plc (Fusion) was established in 2002 to commercialise university-generated intellectual property. It has long-term exclusive agreements with two of the UK's leading research-intensive universities, the University of Sheffield and Cardiff University, giving it exclusive access to all the IP generated by their research departments. These exclusive agreements enable Fusion to identify world class IP and turn it into a commercial opportunity, either through the creation of a start-up company or a licence.

Fusion IP currently owns shareholdings in over 20 portfolio companies, including significant shareholdings in Seren, Magnomatics, Phase Focus, MedaPhor, Asalus and Diurnal.

In 2012 Fusion IP announced its first major exit, when it sold its portfolio company Simcyp, a research-based business providing a modelling and simulation platform for predicting the fate of drugs in virtual populations, to US based Certara LP for $32 million, a 200-fold return on its original investment.

In March 2013 Fusion announced that it had raised £20 million through a Placing to existing and new institutional shareholders. Fusion also announced that it had signed agreements with two additional universities - the University of Nottingham and Swansea University.

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