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5.75 -0.10 (-1.71%)

Bid:

5.70

Ask:

5.80

Spread: 0.10 (1.754%)

Market Cap: £61.50m

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Shield Therapeutics shares up on strong October sales

Thu, 21st Nov 2024 14:22

(Alliance News) - Shield Therapeutics PLC on Thursday said it remains on track to meet its full-year revenue covenant target following strong sales of its iron deficiency treatment.

The Newcastle-based commercial-stage pharmaceutical company reiterated its target of USD31.5 million in revenue for financial 2024.

Shield Therapeutics reported "strong" sales in October, driven by its iron deficiency treatment ACCRUFeR, with the net selling price rising to over USD225 per prescription, up from USD167 in the third quarter.

Shares in Shield Therapeutics were up 8.4% at 2.90 pence in London on Thursday afternoon.

The company also announced that its Chinese pharmaceutical partner, Jiangsu Aosaikang Pharmaceutical Co Ltd, has completed recruitment for a phase three confirmatory study in China, a necessary step toward filing a new drug application in 2025.

The study, which focuses on patients with inflammatory bowel disease and iron deficiency anaemia, is the final requirement to support the commercialization of ACCRUFeR in China.

Interim Chief Executive Officer Anders Lundstrom said : "We are delighted that our partner, ASK, has completed recruitment into the confirmatory phase three study that will support the filing in China to commercialise ACCRUFeR. In addition, solid growth of ACCRUFeR revenues in October give us a promising outlook for the rest of the fourth quarter, leaving us on track to meet our 2024 group revenue covenant target and market expectations for the year."

By Eva Castanedo, Alliance News reporter

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