The new chief executive of Gateshead pharma firm Shield Therapeutics says that finding a US commercial partner for its lead drug remains its top priority this year.
The listed Gateshead business, which was launched 11 years ago, has published full year results outlining its progress in 2019, a year in which it focussed on its new strategy to outsource licensing for its lead product, an iron deficiency drug.
Its main highlight was securing FDA approval in the US for the product, called Accrufer in the American market.
Shield already has commercial agreements in Europe and China for the drug, called Feraccru outside the US, and it is now looking for a commercialisation partner in the US as it seeks to tap into a lucrative market.
During the year, the firm notched up revenues of 拢700,000, a steep drop on the previous year鈥檚 拢11.9m revenues. Last year鈥檚 figure was bolstered by an upfront payment of 拢11m from Norgine, the Welsh pharma firm which is commercialising Feraccru in Europe, Australia and New Zealand, on signing the licence agreement.
In 2019, however, only 拢100,000 of milestone revenue was received, from its Swiss partner EWO, triggered by the broadening of the Feraccru label by the Swiss authorities.
The remaining 拢600,000 revenue in 2019 came almost entirely from Norgine based on sales-related activity.
The firm鈥檚 losses also widened from 拢1.8m to 拢8.8m and net cash was reduced from 拢9.8m to 拢4.1m.
Tim Watts, who took up the CEO position at Shield Therapeutics last month, said: 鈥淚 am honoured to have been appointed as CEO at this important time for Shield. 2019 was a very successful year for Shield with the approval of Accrufer by the FDA for marketing in the USA and the positive long-term results from the AEGIS-H2H clinical study, and the conclusion in January 2020 of the licence agreement with ASK Pharm in China.
鈥淥ur top priority is now to conclude a partnering agreement in the USA during 2020.
鈥淲e have had considerable interest in Accrufer from a range of US-based companies, ranging from relatively small companies which focus on single therapeutic areas to larger organisations which span several of the therapeutic areas in which Accrufer is relevant. We are continuing to work hard to identify the optimal combination of partner, from a capability perspective, and financial terms. I look forward to being able to update the market in the coming months.鈥
He said that the business has continued to operate effectively since the introduction of the lockdown in the 海角视频.
He added: 鈥淲hilst we have closed both our London and Newcastle offices, all of our employees are able to continue working from home successfully. Generally, we are finding that the businesses with which we have close relationships are also operating effectively and so we have seen minimal disruption to our commercial progress.鈥
