Tyneside pharma firm Shield Therapeutics expects to turn “cashflow positive” in the second half of its 2025 financial year as it seeks to grow sales of its lead drug in the US.
The company’s main product, which treats iron deficiency anaemia, was first launched in Europe under the Ferracru brand in 2019 but is now available in the US and other countries as Accrufer. The Gateshead-based company had been due to publish its full year results, but delayed them, saying it needs additional time to translate its figures from US dollars into 海角视频 sterling, adding that fully audited results for FY23 will be published before May 10.
However, it gave shareholders key metrics for the year, alongside a business update for the first quarter of the new financial year. It said revenues and other income rose 2.8 times to $17.5m, and Accrufer revenue grew 3.1 times to $11.6m. Other income includes a Viatris milestone payment of $4.4m.
Meanwhile, it said 2023 saw prescriptions reach around 77,000 – a 310% increase over the 2022 financial year – and that its operating loss has narrowed from $49.8m to $31.1m
During the first quarter of 2024, Shield reported net revenues of $4m from circa 28,800 prescriptions of Accrufer. It said it also strengthened its balance sheet through financing with Sallyport Commercial Finance, and amended its existing $20m debt facility agreement with SWK Funding LLC with more favourable terms.
In the first quarter it said prescriptions reached 28,800, a 1% rise over the last quarter of 2023 and a 174% increase over the same period last yeatr. Total US Accrufer revenue was $4m in the period with an average net selling Price of $140 per prescription.
In February it revealed that it had previously overstated total prescriptions for 2023, blaming projection methodology used by a third party data provider. Shield said it has since “worked very closely with its third-party data provider to rectify the prescription reporting issue and has implemented an enhanced multi-source system”.
Greg Madison, CEO of Shield Therapeutics, said: “We observed several encouraging growth signals during Q1 2024 including rising prescriptions in key states such as California and New York, after receiving access to Medicaid in those populous states. Additionally, our stated initiatives to improve the average net selling price by increasing PA submission rates and more favourable Medicaid pricing following renegotiation of payer contracts, are progressing very well.
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“While the situation in Texas dampened the impact of these positives, we are engaged with the new PBM with the aim of finding a resolution as quickly as possible.
“We continue to believe that Accrufer addresses an important unmet market need for a safe and well tolerated oral iron therapy. We fully expect to continue growth in prescriptions in Q2 and beyond and will continue to focus on increasing our average net selling price with targeted investments such as the new field access team, deployed in early April, to assist HCP offices with PA support and education.
"The belief, passion and motivation to succeed by both Shield and Viatris was readily evident at our recent National Sales Meeting. We remain focused on our mission to make Accrufer the oral iron of choice for patients with iron deficiency, with or without anaemia.”
Shares fell 6.15% to an all-time low of 1.27p in early trading.