The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law in the
Shield Therapeutics plc
("Shield" or the "Company")
Q3 Trading Update
ACCRUFeR® US Net Revenues of
and 86% increase over Q3 2023
Financial foundation strengthened via accounts receivable financing expansion to
implementation of a 10% cost saving plan to the Group's operating cost base
Non-binding terms agreed with AOP Health for the provision of
London, UK, 29 October 2024: Shield Therapeutics plc (LSE: STX), a commercial stage pharmaceutical company specialising in iron deficiency, provides an unaudited trading update for Q3 2024 as well as confirming a
ACCRUFeR® performance
During the third quarter of 2024, Shield reported net revenues of
· Total ACCRUFeR® Net Sales: $7.2 million, representing 4% growth compared to
· Total Prescriptions: -c. 43,500, an increase of 20% over Q2 2024 and an 86% increase over Q3 2023.
· Average net selling price: $167 per prescription vs.
· Total Group Revenues:
Balance sheet and cash resources
At 30 September 2024 Shield held cash and cash equivalents of
Following analysis of the Q3 2024 ACCRUFeR® performance and the consequential impact on internal projections, the Board has concluded that additional capital is required whilst also taking measures to lower its operating cost base to help achieve the Company's goal of becoming cash flow positive by the end of 2025. Accordingly, Shield has agreed an expansion of its working capital financing with Sallyport from
Additional support from AOP Health
Shield's largest shareholder, AOP Health, has executed a non-binding term sheet to subscribe for ordinary shares of
If the Subscription is approved by Shield shareholders, AOP Health and their concert parties would subsequently be able to increase its aggregate interest in Ordinary Shares without incurring any obligation to make an offer for the Company under Rule 9 of the Takeover Code.
There can be no certainty that the Subscription will proceed, and Shield will make further announcements as required.
Anders Lundstrom, Interim Chief Executive Officer, commented: "It has been another successful quarter for Shield as we work towards becoming cash flow positive by the end of FY 2025. We continue to see increased demand for ACCRUFeR® in the US and across all our territories. Net sales, total prescriptions and the net selling price of ACCRUFeR® are all showing positive trends, and with a strengthened balance sheet and tight control of our cost base we will continue to build momentum behind ACCRUFeR® and make the steps required to transition to cash flow positive by the end of 2025."
Investor presentation
Interim CEO, Anders Lundstrom, and CFO, Santosh Shanbhag, will be hosting a live online presentation relating to the Q3 trading update via the Investor Meet Company platform at 2pm (GMT) on Thursday 31 October 2024.
The presentation is open to all existing and potential investors. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9am (GMT) the day before the meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add to meet Shield Therapeutics plc via:
https://www.investormeetcompany.com/shield-therapeutics-plc/register-investor
Investors who already follow Shield Therapeutics plc on the Investor Meet Company platform will automatically be invited.
For further information please contact:
Shield Therapeutics plc |
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Anders Lundstrom, interim CEO Santosh Shanbhag, CFO |
+44 (0) 191 511 8500 |
Nominated Adviser and Joint Broker |
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Peel Hunt LLP |
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James Steel/Patrick Birkholm |
+44 (0)20 7418 8900 |
|
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Joint Broker Cavendish Ltd Geoff Nash/ Rory Sale /Nigel Birks/Harriet Ward |
+44 (0)20 7220 0500 |
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Financial PR & IR Advisor |
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Walbrook PR |
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Lianne Applegarth / Alice Woodings |
+44 (0)20 7933 8780 or shield@walbrookpr.com |
About Iron Deficiency and ACCRUFeR®/FeRACCRU®
Clinically low iron levels (aka iron deficiency, ID) can cause serious health problems for adults of all ages, across multiple therapeutic areas. Together, ID and ID with anemia (IDA) affect about 20 million people in the US and represent a
ACCRUFeR®/FeRACCRU® (ferric maltol) is a novel, stable, non-salt-based oral therapy for adults with ID/IDA. The drug has a novel mechanism of absorption compared to other oral iron therapies and has been shown to be an efficacious and well-tolerated therapy in a range of clinical trials. More information about ACCRUFeR®/FeRACCRU®, including the product label, can be found at: www.accrufer.com and www.feraccru.com.
About Shield Therapeutics plc
Shield is a commercial stage specialty pharmaceutical company that delivers ACCRUFeR®/FeRACCRU® (ferric maltol), an innovative and differentiated pharmaceutical product, to address a significant unmet need for patients suffering from iron deficiency, with or without anemia. The Company has launched ACCRUFeR® in the U.S. with an exclusive, multi-year collaboration agreement with Viatris. Outside of the U.S., the Company has licensed the rights to four specialty pharmaceutical companies. FeRACCRU® is commercialized in the UK and European Union by Norgine B.V., which also has marketing rights in Australia and New Zealand. Shield also has an exclusive license agreement with Beijing Aosaikang Pharmaceutical Co., Ltd., for the development and commercialization of ACCRUFeR®/ FeRACCRU® in China, Hong Kong, Macau and Taiwan, with Korea Pharma Co., Ltd. for the Republic of Korea, and with KYE Pharmaceuticals Inc. for Canada.
ACCRUFeR®/FeRACCRU® has patent coverage until the mid-2030s.
ACCRUFeR®/FeRACCRU® are registered trademarks of Shield Therapeutics.
Forward-Looking Statements
This press release contains forward-looking statements. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements. These forward-looking statements are based on management's current expectations and include statements related to the commercial strategy for ACCRUFeR®/FeRACCRU®. These statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties, many of which are beyond our control, that may cause actual results and performance or achievements to be materially different from management's expectations expressed or implied by the forward-looking statements, including, but not limited to, risks associated with the Company's business and results of operations, competition and other market factors. The forward-looking statements made in this press release represent management's expectations as of the date of this press release, and except as required by law, the Company disclaims any obligation to update any forward-looking statements contained in this release, even if subsequent events cause its views to change.
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