Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) saw its interim revenues jump by 300% as US sales of its anaemia treatment Accrufer started to ramp up.
Revenues rose to £2mln in the half year to end-June 2022, up from £0.5mln a year earlier, of which £1.2m was generated by Accrufer with £0.7mln from royalties from sales in Europe, where the drug is known as Feraccru.
Shield noted that US prescriptions for Accrufer were 9,839 with the average net selling price rising 350% to US$152 (H2 2021: US$34) attributable to increased payer coverage from both commercial payers and state-run Medicaid programmes.
In Europe, where Feraccru is sold under license by Norgine, the number of packs sold increased by 15% in H1 2022 compared with H1 2021 and by 6% compared with H2 2021.
Going forward, Shield said the focus is on further increasing the momentum of Accrufer prescription sales, while it is also looking at potential financing opportunities and strategic partnerships in order to maximise the commercial opportunity.
The company's first half losses were £11.8mln (H1 2021: £7.3mln) with cash and equivalents of £2.4mln at the half year end.