Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) has reported strong sales of iron deficiency drug ACCRUFeR in October, bolstered by an increase in the net selling price to over $225 per prescription, up from $167 in the third quarter of 2024.
This performance keeps the company on track to meet its full-year 2024 revenue target of $31.5 million, as required under its debt facility agreement with SWK Funding.
In other developments, recruitment has been completed for the phase III confirmatory study of ACCRUFeR/FeRACCRU in China.
The clinical evaluation, sponsored jointly with Jiangsu Aosaikang Pharmaceutical (ASK), is the final step before filing a new drug application (NDA) with China’s National Medical Products Administration in 2025.
"We are delighted that our partner, ASK, has completed recruitment into the confirmatory phase III study that will support the filing in China to commericalise ACCRUFeR/FeRACRRU, significantly increasing the global availability of a welcome additional well-tolerated and effective therapeutic option for the treatment of IDA," said Anders Lundstrom, interim CEO.
"In addition, solid growth of ACCRUFeR® revenues in October give us a promising outlook for the rest of the fourth quarter, leaving us on track to meet our 2024 Group revenue covenant target and market expectations for the year."
Shield also announced progress on a proposed $10 million equity agreement with AOP Health International Management.
The company is working with the UK Takeover Panel to secure a waiver on Rule 9 obligations and plans to convene a shareholder meeting by the end of 2024.