Eton Pharmaceuticals, Diurnal's US partner for Alkindi reported Q3 results last night.
With FDA approval in the US only 6 weeks ago, Eton says that early interest from physicians and caregivers has been very strong highlights the significant need for the product.
Eton expects to have Alkindi commercially available by the end of November and with the initial interest shown Eton expects the product to "exceed the company’s original sales forecast for 2021".
Eton previously announced it believed Alkindi represented a $100m market opportunity.
While early days, the news emphasises Diurnal management's ability to sign a relevant partner. Partners in the US will be sought for both Chronocort and DITEST. The higher than expected demand also has possible read across for Chronocort. Strongread-across demand for a more convenient preparation of hydrocortisone in infants should translate to higher interest in Chronocort, a more convenient and efficacious adult formulation. We have a fair value for Diurnal Group of 99p versus the current share price of 55p.
IMPORTANT:
Diurnal Group is a client of Calvine Partners and as such, this publication is not independent and should be considered a marketing communication under FCA Rules. None of the information contained in this publication should be considered as any form of advice.
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