Directorate Change and Management Updates
Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that following 14 years with the Company, Martin Whitaker has decided to step down as Chief Executive Officer (CEO) and a member of the Board of Diurnal, with immediate effect, to enable him to pursue other business opportunities. Consistent with the Company’s vision to become a leading specialty commercial endocrinology company, the Board has initiated an international search for a new CEO with strong commercial credentials. Richard Bungay, currently the Company’s Chief Financial Officer (CFO), who has been with the Company for more than five years, will immediately assume the role of Interim CEO until a successor is appointed.
Additionally, David Bevan, who was appointed Interim Head of Commercial in November 2021, has been promoted to the newly created role of Chief Business Officer. David has over 30 years of pharmaceutical expertise with a broad base of general management, sales, marketing and commercial experience, in large and medium-sized pharmaceutical companies with Global, EU and UK responsibility. Following these changes Diurnal’s Senior Management Team will consist of five people: Richard Bungay – Interim CEO and CFO, Dr Richard Ross – Chief Scientific Officer, Dr John Porter – Chief Medical Officer, Stewart Jones – Operations Director and David Bevan – Chief Business Officer.
Anders Härfstrand, Non-Executive Chairman of Diurnal, commented:
“On behalf of the Board, I would like to thank Martin for his leadership and commitment in the development of ground-breaking technologies and wish him well in his future endeavours.
“The Company continues to progress its vision to become a leading commercial specialty endocrinology company. Therefore, the Board has initiated the search for a new CEO with strong market access and commercial experience who will lead the Company through its next phase of growth.”
Martin Whitaker, Chief Executive Officer of Diurnal, commented:
“I am proud of the excellent progress the team at Diurnal has achieved over the past ten years in developing therapies for patients suffering from rare endocrine disorders with an unmet need. Diurnal is now poised for its next stage of growth in becoming a fully integrated commercial business, and I remain confident in the long-term prospects of the Company."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation (UK MAR).
Diurnal Group plc
+44 (0)20 3727 1000
Richard Bungay, Interim Chief Executive Officer and Chief Financial Officer Panmure Gordon (UK) Limited (Nominated Adviser and Joint Corporate
+44 (0)20 7886 2500
Corporate Finance: Freddy Crossley, Emma Earl
Corporate Broking: Rupert Dearden
Stifel Nicolaus Europe Limited (Joint Corporate Broker)
+44 (0) 20 7710 7600
Healthcare Investment Banking: Nicholas Moore, Samira Essebiyea, William Palmer-Brown
Corporate Broking: Nick Adams, Nick Harland
FTI Consulting (Media and Investor Relations)
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Victoria Foster Mitchell
Notes to Editors
About Diurnal Group plc
Diurnal Group plc is a European, UK-headquartered, specialty pharmaceutical company dedicated to developing hormone therapeutics to aid lifelong treatment for rare and chronic endocrine conditions, including congenital adrenal hyperplasia, adrenal insufficiency, hypogonadism and hypothyroidism. Its expertise and innovative research activities focus on circadian-based endocrinology to yield novel product candidates in the rare and chronic endocrine disease arena.
Code: NPR-GLO-0001 Date of Preparation: April 2022