Shield Thera Share News (STX)

(Sharecast News) - Commercial stage pharmaceutical company Shield Therapeutics announced on Friday that Greg Madison has been appointed as its chief executive officer, with effect from 1 June.
The AIM-traded firm said Madison has an "excellent" commercialisation track record, and had a "deep knowledge" and previous experience in the United States iron deficiency market.

It described him as a "seasoned executive" who would bring "strong operating experience" and a track record of success leading small-to-medium size organisations.

"[Greg Madison] brings highly relevant operating experience in growing and leading organisations, as well as deep knowledge in iron deficiency which will be invaluable as we launch and grow 'Accrufer' in the US and extend the commercialisation of 'Feraccru' [or] Accrufer in other parts of the world," said chairman Hans Peter Hasler.

"I welcome Greg to Shield and wish him every success."

Before joining Shield, Madison was chief executive officer at Melt Pharmaceuticals in Boston, Massachusetts, which is developing a sublingual formulation of midazolam and ketamine, providing needle and opioid-free procedural sedation and analgesia.

Prior to Melt, he was CEO of Keryx Biopharmaceuticals from 2015 to 2018, where he led the company's "transformation" from development stage to commercial stage, focused on Auryxia, an oral product for the treatment of hyperphosphatemia and iron deficiency anaemia, and ultimately leading to a merger with Akebia Therapeutics.

In 2013 and 2014, he was chief commercial officer at Amag Pharmaceuticals, where he was "closely involved" with 'Feraheme', a leading intravenous product for the treatment of iron deficiency.

From 2000 to 2012, Madison was at Genzyme Corporation, ultimately serving as vice-president and general manager of its nephrology division, where revenues topped $1bn led by leading phosphate binder 'Renvela'.

He began his career as a sales representative for Janssen Pharmaceuticals, a division of Johnson & Johnson.

Madison would be appointed as a director during June.

Tim Watts, Shield's current CEO, would step down from that post on 1 June but would remain an executive Director until 30 September, to ensure an effective transition.

At the end of September, he would also step down from the board.

"I am excited to be joining Shield Therapeutics at this point in the company's evolution, as we are undertaking final preparations for the launch of Accrufer in the US, and look to accelerate our growth in Europe," said Greg Madison.

"Iron deficiency anemia is a significant challenge for patients worldwide, and an oral option like Accrufer that can deliver significant increases in hemoglobin while being well tolerated by patients, provides clinicians and patients a potentially valuable and needed option.

"I look forward to working with the current team across all of our initiatives."

At 1319 BST, shares in Shield Therapeutics were up 3.64% at 59.08p.