Broker Peel Hunt has kept its rating on Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) under review following news that its Korean partner has filed a new drug application for Accrufer.
This filing comes after a successful pharmacokinetic study in Korea, which confirmed that the absorption of iron from Accrufer in Korean patients is comparable to that in the populations studied in Accrufer’s previous clinical trials.
Shield Therapeutics is set to receive a development milestone payment of US$1.9 million upon the first sale of Accrufer in Korea.
Additionally, Shield will earn future commercial sales milestone payments upon achieving specified net sales targets, along with double-digit royalties on net sales.
Speaking on Shield Therapeutics’ business update published in April, Peel Hunt said: “(Shield) described how it has worked closely with its data provider to rectify the reporting issue it has recently had with monitoring historical prescription volumes.
“It was this issue, highlighted at another recent trading update in February, that led us to move to Under Review.
“We intend to work with the company to update our forecast model and look to potentially include the US$1.9m milestone from this Korea deal into FY25E.”