IP Group's Diurnal starts phase three trial for Infacort

Intellectual property firm IP Group said phase three trials had started on its Diurnal Ltd portfolio company’s Infacort paediatric adrenal insufficiency treatment product.

The group said that the trial, which has been funded by the European Commission under its EU Framework 7 grant, is expected to be completed in the third quarter of 2016.

"This is a major milestone for Diurnal as it seeks to progress the first drug to specifically address adrenal insufficiency in young children towards market authorisation,” said group chief executive Alan Aubrey.

“It is also extremely important for IP Group as this represents the first of the group's portfolio companies to enter a product into a Phase 3 trial and demonstrates further strong progress in the Biotech division.”

IP shares were down 0.22% to 228.50p at 10:54 on Monday.