Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) hailed another 'strong period of growth' as it delivered a more than three-fold increase in revenue in the first half based on the growing uptake of its anaemia drug ACCRUFeR.
Sales were $12.1 million, with its oral ferric maltol treatment accounting for $11 million. Total prescriptions were 65,200 at a quarterly growth rate of 25%, while the product's price also increased.
It exited the period with $8.1 million in the bank, which will be supplemented by $5.7 million from a milestone monetisation agreement inked after June 30. Shield posted an operating loss of $15.5 million, driven primarily by the expansion of the US field force.
"We continue to focus on building momentum through creating greater awareness of ACCRUFeR® among healthcare professionals in the US as well as expanding our geographic reach with our international partners," said Anders Lundstrom, interim CEO.
Looking ahead, Kye Pharmaceuticals, Shield’s Canadian partner, is preparing for a late 2024 product launch. As part of their collaboration, Shield will receive a £250,000 milestone payment, along with additional revenue-based payments and double-digit royalties on net sales during the agreement's term.
Further developments include Korea Pharma’s submission of a new drug application for ACCRUFeR in South Korea following a successful pharmacokinetic study, and ASK Pharma’s ongoing phase III trial in China, expected to complete enrollment by late 2024.
Additionally, Shield is progressing a phase III pediatric study comparing ferric maltol with ferrous sulphate in children with iron deficiency anaemia, with results anticipated later this year. This study is the final phase of the company's pediatric development programme for regulatory approval.