Shield Thera Share News (STX)

(Sharecast News) - Shield Therapeutics announced the appointment of Anders Lundstrom as its permanent chief executive officer on Monday, effective 1 February.

The AIM-traded firm said Lundstrom, who had served as interim CEO since last July, had brought extensive international and US commercial and general management experience from leading pharmaceutical and biotech companies, including AstraZeneca, Biogen, and Orexo, where he held the role of president and CEO.

It said that since assuming the interim CEO position, Lundstrom had overseen significant progress at Shield, driving revenue growth and achieving higher net pricing for Accrufer in the US market.

He also strengthened relationships with key partners and shareholders, supporting the company's long-term strategic objectives, the board added.

Under his leadership, Shield said it had focussed on operational efficiencies, positioning itself to achieve cash flow positivity by the end of 2025.

With his permanent appointment, Lundstrom would step down as chair of the remuneration committee, a role that would be assumed by non-executive director Dr Christian Schweiger.

"We are grateful for Anders' exceptional leadership over the past months and look forward to his continued contributions in his new capacity as CEO and an executive director," said non-executive chairman Hans Peter Hasler.

"Anders' experience, insight, and dedication make him the ideal person to steer Shield towards greater success in the future."

Hasler said Shield remained "steadfast in its mission" to deliver "exceptional results" and meet the needs of stakeholders.

"With a solid foundation in place, we are confident that the company is exceptionally well-positioned to achieve its goals and continue to thrive in the years to come."

At 1309 GMT, shares in Shield Therapeutics were down 3.47% at 2.9p.

Reporting by Josh White for Sharecast.com.