Shield Therapeutics Announces Positive Q3 Performance

LONDON – Shield Therapeutics (LON:STXS) plc (LSE: STX), a commercial stage pharmaceutical company, reported a successful third quarter with net revenues of $7.2 million from its iron deficiency drug ACCRUFeR®. This marks a 20% increase in prescriptions compared to the second quarter of 2024 and an 86% rise compared to the previous year.

The company has expanded its working capital financing facility with Sallyport Commercial Finance from $10 million to $15 million and plans to implement a 10% reduction in operating costs. These strategies are aimed at achieving cash flow positivity by the end of 2025.

In addition to the financial restructuring, Shield has entered into a non-binding agreement with AOP Health for a potential $10 million equity investment. This deal would raise AOP Health's stake in Shield above 50% and is subject to conditions, including a waiver from the Takeover Panel and shareholder approval.

The total number of ACCRUFeR® prescriptions reached approximately 43,500 for the quarter, contributing to total group revenues of $8.0 million from royalties and milestones with global partners. Shield's Board estimates these figures keep the company on track for an annual revenue target of $31.5 million, as per their debt facility agreement with SWK Funding LLC.

Despite a slight decrease in cash assets from $8.1 million as of June 30 to $7.7 million by September 30, the company maintains a solid balance sheet. The average net selling price per ACCRUFeR® prescription was $167, influenced by seasonal buying patterns; however, excluding July, the price was $192.

Anders Lundstrom, Interim Chief Executive Officer of Shield, expressed optimism about the company's trajectory. Increased demand for ACCRUFeR® in the US and other markets, along with a strengthened balance sheet and cost control measures, bodes well for future success.

This update is based on a press release statement, and further announcements are expected as developments occur regarding the potential equity investment with AOP Health.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.