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(Alliance News) - Shield Therapeutics PLC's shares tumbled on Thursday after a trading update revealed a substantial, but expected, fall in revenue.
The Newcastle, England-based commercial-stage pharmaceutical company said revenue for 2021 was expected to be GBP1.5 million, plummeting by 86% on revenues of GBP10.4 million. However, Shield noted this was "in line with market expectations".
Shares in the company were down 14% to 28.00 pence each in London on Thursday during late morning trade.
The difference is primarily accounted for by a GBP9.7 million licensing payment from ASK Pharma Ltd last year. In comparison, Shield received GBP500,000 from Korea Pharma Ltd for a license agreement in 2021.
Cash on hand has dropped to GBP12.1 million as of year-end, from GBP22.6 million at the end of its first half. It is up from GBP2.9 million at the end of 2020.
It reported "significant growth" in prescriptions of its Accrufer iron deficiency treatment from the third to fourth quarter, with a total of 2500 since its launch in July. Its Feraccru iron deficiency treatment sales volumes were up 60% year-on-year in the EU and the UK, boosted by increased demand in Germany.
Chief Executive Officer Greg Madison commented: "We added two new partners, in Korea Pharma Co., Ltd. (Republic of Korea) and Kye Pharmaceuticals Inc (Canada), who are excited and motivated to progress through the regulatory and clinical pathways to approval.
"The initiation of the Phase 3 study in China is also a major milestone towards potential approval in this territory. I am pleased by the excellent progress that our worldwide strategic partners are making to bring Accrufer/Feraccru to more patients worldwide."
By Elizabeth Winter; elizabethwinter@alliancenews.com
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