Revenues for the half-year to June 30, 2020, jumped to £8.9mln (2019: £430,000) with net sales in Europe of Feraccru, its flagship product, rising by 50%.
Shield posted a profit for the six month period of £3.1mln against a loss of £4.2mln over the same period a year ago, while there was a cash inflow of £2mln that has boosted the total balance to £6.5mln.
in the results statement, Tim Watts, Shield's chief executive said it was making ‘excellent’ progress in China with ASK in reaching agreement on a development plan for Feraccru with the regulatory authorities.
In Europe, Watts said sales of Feraccru in the first half matched the whole of 2019 even with disruption from the coronavirus pandemic.
Shield’s priority for the rest of the year is to find a US partner, he added.
Feraccru is known as Accrufer in the US and Watts said the company has been engaging with possible partners in a broad range of iron deficiency therapy areas.
“Several of these have signed confidentiality agreements, several have submitted non-binding offers and more detailed negotiations have been undertaken with a number of parties,” he noted.
“ We remain confident of securing a partner in 2020 and have recently ordered launch stocks of US packs of Accrufer which should be available for sale by around the end of 2020.”