Shield Therapeutics PLC (LON:STX) has successfully raised £25mln through a share placing and subscription at 30p to launch and market its Accrufer iron deficiency treatment in the US.
An open offer to existing shareholders is also being undertaken to raise up to a further £4.2mln.
Shield has been working on its own plans for the US marketing of Accrufer since last year.
Sales estimates generated by management consultants and other third parties support the potential for sales to exceed US$100mln from the third year following launch, it said, and to reach US$300mln-US$400mln by years five to six.
Allowing for launch costs, breakeven on a monthly basis will be within 15-18 months after launch and Shield believes funding of around US$30mln to US$40mln would be enough to reach breakeven.
A paediatric study and other non-US expenditure is expected to be partly funded out of gross margin generated by Shield in the US and royalties from sales elsewhere.
Accrufer is already sold in Europe and China as Feraccru.
AOP, a major shareholder, and non-exec Christian Schweiger and chief executive Tim Watts, account for the bulk of the subscription element, which will raise £5.1mln, with the placing to raise £19.9mln.