Listed Tyneside pharmaceutical firm Shield Therapeutics has appointed a new CEO.
The Gateshead drug discovery business, which specialises in iron deficiency, has announced that Anders Lundstrom has been appointed as chief executive officer with effect from February 1.
Mr Lundstrom joined the board in May 2021 as a non-executive director and was appointed as interim CEO last July. He is based in Boston, Massachusetts, and has strong international and US senior commercial and general management experience having worked for pharmaceutical and biotech companies including AstraZeneca, Biogen and Orexo, where he was president and CEO.
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The firm said that, since his appointment last summer, Mr Lundstrom’s leadership has been instrumental in driving the firm’s growth and operational efficiency and that it has seen rises in revenues and net pricing for its lead drug Accrufer in the US. The has also helped to strengthen relationships with key partners and shareholders, the firm said, while also playing a key role in streamlining operations as it looks to become cash flow positive by the end of 2025.
Mr Lundstrom said: “We have worked hard to streamline our cost base, grow Accrufer revenues, prescriptions, and average net price in H2, as we strive towards becoming cash flow positive by the end of this calendar year. I believe Shield is poised for significant growth, and I look forward to working alongside our talented team and our partner Viatris Inc., to build on the company’s strong foundation.
"Together, we will focus on advancing our mission, delivering value for our stakeholders, and making a meaningful impact in the treatment of iron deficiency and making Accrufer the oral iron of choice.”
Hans Peter Hasler, non-executive chairman, said: “We are grateful for Anders’ exceptional leadership over the past months and look forward to his continued contributions in his new capacity as CEO and an executive director. Anders’ experience, insight, and dedication make him the ideal person to steer Shield towards greater success in the future.
"Shield remains steadfast in its mission to deliver exceptional results and meet the needs of our stakeholders. With a solid foundation in place, we are confident that the Company is exceptionally well-positioned to achieve its goals and continue to thrive in the years to come.”