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Shares of pharmaceutical company Diurnal Group (LON: DNL) are rallying on Friday after the Committee for Medicinal Products for Human Use (CHMP) issued a positive opinion to the European Commission, recommending Efmody as treatment of adult and adolescent patients with the rare condition congenital adrenal hyperplasia (CAH).

The CHMP is an advisory committee of the European Medicine Agency (EMA), and the formal approval of marketing authorisation from the European Commission is anticipated in June.

Diurnal shares have climbed 17.33% to 88p.

The AIM-listed company has already begun market access activities in its target European territories and expects the first commercial launch in Q3.

Diurnal said it intends to mirror the strategy used for Alkindi by commercialising the product itself.

“We look forward to expanding our commercial portfolio with the planned launch of Efmody across Europe alongside our first product Alkindi, to provide life-long treatment for patients with congenital adrenal hyperplasia, enabling Diurnal to continue to drive towards becoming a world-leading specialty endocrinology business,” commented Martin Whitaker, Diurnal CEO.

Should you invest in Diurnal Group shares?

Diurnal Group shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Diurnal Group shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

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