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(Alliance News) - Shield Therapeutics PLC on Tuesday said it is excited about its long-term prospects, despite swinging to loss in the first half of 2021.
The Newcastle, England-based pharmaceutical company reported a swing to pretax loss of GBP7.6 million in the six months to the end of June from GBP2.7 million profit posted a year earlier. Revenue plummeted to GBP481,000 from GBP8.9 million year-on-year.
Shield Therapeutics explained that revenue arised entirely from royalties from Norgine in respect of sales of Feraccru in Europe. A year ago, revenue came from the upfront payment received from ASK Pharm on entering into the license agreement for the development and commercialisation of Feraccru in China.
In addition, selling, general and administrative expenses grew to GBP6.1 million from GBP4.8 million in the first half of 2020. Research and development expenditure widened to GBP1.6 million from GBP681,000 year-on-year.
"During the first quarter the group's US strategy transitioned from an out-licence approach to one of launching Accrufer ourselves in the US, and the successful fundraise in March provided the financial resources for the launch. In the second quarter a huge amount of planning and implementation was completed which allowed us to launch Accrufer on July 1 and I am pleased with progress to date," said Chief Executive Greg Madison.
"With Accrufer now available in the US, and Feraccru available in Europe, I am excited about the long-term prospects for our product(s) and Shield," added Madison.
Shield Therapeutics shares were trading 12% lower in London on Tuesday at 43.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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