Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) has announced that Health Canada has approved ACCRUFeR (ferric maltol) as a prescription drug for the treatment of adults with iron deficiency anaemia (IDA).
This allows Shield's partner, Kye Pharmaceuticals to launch ACCRUFeR in the country.
Under the collaborative agreement, Shield is set to receive a £250,000 milestone payment. For the remaining term of the agreement, Shield will receive additional revenue-based milestone payments along with double-digit royalties on net sales of ACCRUFeR.
Shield will be responsible for all manufacturing and supply to the Canadian market.
Anders Lundstrom, interim chief executive of Shield, stated: "We are delighted with the progress made in partnership with Kye since the signing of the licence agreement in January 2022.
“Both organisations have demonstrated excellent collaboration and are driven to make ACCRUFeR available to patients in Canada with iron deficiency as quickly as possible.
Shield Therapeutics is committed to bringing ACCRUFeR/FeRACCRU to patients with iron deficiency around the world, and Canada is an important component of that mission."
John McKendry, president and chief executive of Kye, added: "ACCRUFeR will be the only prescription oral therapy available in Canada to treat patients who continue to suffer from low iron despite attempts at treatment with other currently available options.
Our partnership with Shield and the granting of marketing authorization for ACCRUFeR in Canada grant us the opportunity to bring a novel, high-quality therapeutic option to patients in Canada who are struggling to address mild to moderate iron deficiency or iron deficiency anaemia."