Shield Therapeutics PLC (LSE:STX, FRA:1JS) (LSE:STX) new CEO Greg Madison talks to Proactive London about his strategy for the company and focus on driving the iron deficiency product Accrufer in the US.
The product was launched in the US on 1 July, so the only impact it had on the company’s results for the first six months of the year was as an expense as the company prepared for the launch.
During the second quarter of 2021, the company built up a sales force and started to contact key prescribers. Due to the ongoing impact of the COVID pandemic and the emergence of the delta variant in the US, face-to-face contact with clinicians has been limited in the initial phase of launch but discussions are taking place with payers regarding formulary placement of Accrufer and will continue over the next several months.
The first half saw a loss before tax of £7.6mln versus a profit the year before of £2.7mln. After adjusting for non-cash items, the actual cash outflow from the first-half loss was £5.4mln.