Shield Therapeutics PLC (LON:STX) hailed the last 12 months as a “transformational” period for the firm, after it successfully listed on AIM in February, the same month in which it received Pan-European market authorisation approval for its iron deficiency anaemia treatment, Feraccru.
Shield estimates that the drug’s peak annual sales opportunity is in excess of £500mln, with an initial market of around one million patients in Europe.
On top of this, Shield successfully completed phase IIb trials for PT20 – its treatment for hyperphosphatemia, a disturbance that occurs when abnormally high levels of phosphate are found in a patient’s blood.
“The period through 2015 into 2016 has been a transformational time for Shield Therapeutics,” said chief executive Carl Sterritt.
“During this time [Shield] has successfully achieved three key long-term strategic objectives.”
Reflecting the start-up costs, there was a loss for the year of £24.5mln, up from £13.4mln a year earlier.
Shield raised £32.5mln from its IPO on AIM in February, which it will spend on the commercialisation of Ferracru.
Feraccru – the company’s most advanced product – is scheduled to be rolled out in phases across Europe through this year and into next.
House broker Liberum expects to see a gradual rise in revenues over the next four years as the commercialisation of Feraccru continues.
The broker estimates Shield’s revenue to be around £0.2mln in 2016, with an operating loss of around £18mln.
By 2019, it expects the pharmaceutical firm to generate nearly £19mln in revenues and record an operating profit for the first time of £0.2mln.
Shares were down 7.5p, or 4%, to 170p.