Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) shares shot up 47% after it announced a stellar set of second-quarter trading numbers.
The update, which was accompanied by the news of CEO Greg Madison's departure, revealed net sales of its iron deficiency product ACCURUFeR had jumped 69% quarter on quarter at $6.9 million and were up 259% year on year.
Total prescriptions rose 26%, while the average price was $171, up from $118 a year ago.
In the update, Shield said its cash at the end of June was a comfortable $8.1 million, which does not yet include the $5.7 million from its funding from the China milestone monetisation deal.
In a second announcement, the company said CEO Maddison was stepping down from the role by mutual consent to pursue other opportunities, leaving the company immediately.
Anders Lundstrom, a non-executive director, has been appointed interim CEO. Based in Boston, Lundstrom brings extensive international experience from AstraZeneca, Biogen, and Orexo, where he served as president and CEO.
"On behalf of the board, I would like to thank Greg for his significant contribution to the group including securing the partnership with Viatris and overseeing the subsequent launch and growth of ACCRUFeR and we wish him well with his future endeavours," said chairman Hans Peter Hasler.
"Shield has a highly experienced board of directors and has had the privilege of working alongside Anders Lundstrom these past three years.
"Anders brings a wealth of US commercialisation experience and we are confident that he will lead the team to continue the success of Accrufer. I wish him and the team every success."
In early trade, the stock was up 0.79p at 2.49p.