London, UK, 16 September 2020: Shield Therapeutics plc (LSE: STX), a commercial stage pharmaceutical company with a focus on addressing iron deficiency with its lead product Feraccru®/Accrufer® (ferric maltol), announces its unaudited interim results for the six months ended 30 June 2020.
· Licence agreement signed for Feraccru®/Accrufer® with Jiangsu Aosaikang Pharmaceutical Co. Ltd (“ASK Pharm”) covering China, Hong Kong, Macau and Taiwan
· Net sales of Feraccru® in Europe for first 6 months of 2020 up 50% over previous 6 months
· Re-analysis of the AEGIS-H2H study data demonstrates that Feraccru®/Accrufer® is a credible alternative to IV iron therapy and offers economic advantages
· Continued progress being made to secure a US commercialisation partner
· $11.4 million upfront payment received from ASK Pharm
· Revenues of £8.9 million (H1 2019: £430,000)
· Profit for the period of £3.1 million (H1 2019 loss: £4.2 million)
· Net cash inflow from operating activities of £2.0 million (H1 2019: £1.9 million outflow)
· Cash of £6.5 million (31 December 2019: £4.1 million)
Commenting on the interim results, Tim Watts, CEO of Shield Therapeutics plc, said: “I am pleased that we have made good operational progress in the first six months of 2020. In January we signed an important licence deal in China with ASK Pharm who have since made excellent progress in agreeing the development plan with the Chinese regulatory authorities as we look to expand the territories in which Feraccru® is marketed.
“Norgine grew net sales of Feraccru® in Europe by 50% compared with the second half of 2020, and the first half sales in 2020 have matched the sales for the whole of 2019 notwithstanding the ongoing COVID-19 pandemic. Despite the hiatus with the results of the AEGIS-H2H study, the re-analysis of the data has confirmed thatFeraccru®/Accrufer® is a credible alternative to IV iron therapy.
“Over the period we have also continued to make progress to secure a commercialisation partner for the important US market which remains our top priority for 2020 and will update the market on this at the appropriate time.”
A briefing open to analysts will take place remotely via video conference call today, Wednesday 16 September 2020 at 11.00am. If you would like the details of this call please contact Walbrook PR on firstname.lastname@example.org.