REG - Shield Therapeutics - Unaudited Q2 2024 Trading Update

Shield TherapeuticsAnnouncement

24/07/2024 07:15

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RNS Number : 5568X  Shield Therapeutics PLC  24 July 2024

 

Shield Therapeutics plc

("Shield" or the "Company" or the "Group")

 

Unaudited Q2 2024 Trading Update

 

ACCRUFeR® US Net Revenues of $6.9m following 26% Increase in Q2 Prescriptions

 

23% sequential increase in average net selling price to $171/prescription

 

Increased balance sheet and operational flexibility with $8.1 million cash on
hand plus $5.7 million from the China milestone monetization announced post
period end

 

London, UK, July 24 2024: Shield Therapeutics plc (LSE: STX), a commercial
stage pharmaceutical company that delivers ACCRUFeR®/Feraccru® (ferric
maltol), an innovative and differentiated specialty pharmaceutical product, to
address a significant unmet need for patients suffering from iron deficiency
(with or without anaemia) today announced a Q2 2024 trading update
highlighting a strong recovery in U.S. ACCRUFeR® growth.

 

Shield delivered stand-out sequential ACCRUFeR® revenue growth results of 69%
in Q2 2024, driven by robust increases in prescriptions, up 26% along with a
23% increase in average net selling price per prescription. This has resulted
in total H1 2024 ACCRUFeR® revenues of $11 million (unaudited) and total
prescriptions to 65,200, which represent significant increases of ~250% and
~160% respectively compared to H1 2023.

 

Snapshot of Positive Q2 2024 ACCURUFeR® Key Performance Indicators (KPIs)

·    Total Net Sales: $6.9 million, an increase of 69% vs. Q1 24 and 259%
vs. Q2 23

·    Total Prescriptions: -Over 36,400, an increase of 26% vs. Q1 24 and
145% vs. Q2 23

·    Average net selling price per prescription: $171 vs. $139 in Q1 2024
and $118 in Q2 2023

·    Cash and cash equivalents: $8.1 million as of 30 June 2024 excluding
the $5.7 million funding from the China milestone monetization announced on
July 3, 2024

 

Shield's new Interim Chief Executive Officer Anders Lundstrom commented: "I am
excited about stepping in as the interim CEO and continue to build on the
strong performance we delivered in the 2(nd) quarter of 2024. Large states
such as California, NY, and Florida continue to drive a significant portion of
the increase in prescriptions, while Texas begins to rebound. Our efforts on
the operational side also showed outstanding progress, with an increase in our
net selling price of 23% which is a direct result of strategies and
investments over the past few quarters."

 

Mr. Lundstrom continued "As we reflect on the first full year of the
Shield/Viatris launch of our expanded field force, we are pleased that the
market has responded in such a positive way to our efforts to increase
physician awareness and adoption of ACCRUFeR®. This fortifies our continued
belief the market potential of ACCRUFeR® is significant. We are committed to
delivering further ACCRUFeR® growth making it the oral iron of choice for
patients with iron deficiency, with or without anemia."

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 (as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018). Upon the publication of this announcement via
the Regulatory Information Service, this inside information is now considered
to be in the public domain.

 

 

For further information please contact:

 

 Shield Therapeutics plc                                                                        www.shieldtherapeutics.com (http://www.shieldtherapeutics.com/)
 Anders Lundstrom                                                                               +44 (0) 191 511 8500

 Santosh Shanbhag, CFO

 Nominated Adviser and Joint Broker
 Peel Hunt LLP
 James Steel/Patrick Birkholm                                                                   +44 (0)20 7418 8900

 Joint Broker

 Cavendish Ltd

 Geoff Nash/ George Dollemore/Nigel Birks/Harriet
 Ward

                                                                                                +44 (0)20 7220 0500

 Financial PR & IR Advisor
 Walbrook PR
 Charlotte Edgar / Alice Woodings                                                               +44 (0)20 7933 8780 or shield@walbrookpr.com (mailto:shield@walbrookpr.com)

 Investor Contact (US Advisor)

 LifeSci Advisors, LLC

 Joyce Allaire                                                                                  jallaire@lifesciadvisors.com (mailto:jallaire@lifesciadvisors.com)

 

About Iron Deficiency and Accrufer®/Feraccru®

Clinically low iron levels (aka iron deficiency, ID) can cause serious health
problems for adults of all ages, across multiple therapeutic areas. Together,
ID and ID with anemia (IDA) affect about 20 million people in the US and
represent a $2.3B market opportunity. As the first and only FDA approved oral
iron to treat ID/IDA, Accrufer® has the potential to meet an important unmet
medical need for both physicians and patients.

 

Accrufer®/Feraccru® (ferric maltol) is a novel, stable, non-salt-based oral
therapy for adults with ID/IDA. The drug has a novel mechanism of absorption
compared to other oral iron therapies and has been shown to be an efficacious
and well-tolerated therapy in a range of clinical trials. More information
about Accrufer®/Feraccru®, including the product label, can be found at:
www.accrufer.com (http://www.accrufer.com) and www.feraccru.com
(http://www.feraccru.com) .

 

About Shield Therapeutics plc

Shield is a commercial stage specialty pharmaceutical company that delivers
Accrufer®/Feraccru® (ferric maltol), an innovative and differentiated
pharmaceutical product, to address a significant unmet need for patients
suffering from iron deficiency, with or without anemia. The Company has
launched Accrufer® in the U.S. with an exclusive, multi-year collaboration
agreement with Viatris. Outside of the U.S., the Company has licensed the
rights to four specialty pharmaceutical companies. Feraccru® is
commercialized in the UK and European Union by Norgine B.V., which also has
marketing rights in Australia and New Zealand. Shield also has an exclusive
license agreement with Beijing Aosaikang Pharmaceutical Co., Ltd., for the
development and commercialization of Accrufer®/ Feraccru® in China, Hong
Kong, Macau and Taiwan, with Korea Pharma Co., Ltd. for the Republic of Korea,
and with KYE Pharmaceuticals Inc. for Canada.

 

Accrufer®/Feraccru® has patent coverage until the mid-2030s.

Accrufer®/Feraccru® are registered trademarks of Shield Therapeutics.

 

Forward-Looking Statements

This press release contains forward-looking statements. All statements
contained in this press release that do not relate to matters of historical
fact should be considered forward-looking statements.  These forward-looking
statements are based on management's current expectations and include
statements related to the commercial strategy for Accrufer®/Feraccru®. These
statements are neither promises nor guarantees, but involve known and unknown
risks and uncertainties, many of which are beyond our control, that may cause
actual results and performance or achievements to be materially different from
management's expectations expressed or implied by the forward-looking
statements, including, but not limited to, risks associated with the Company's
business and results of operations, competition and other market factors.
The forward-looking statements made in this press release represent
management's expectations as of the date of this press release, and except as
required by law, the Company disclaims any obligation to update any
forward-looking statements contained in this release, even if subsequent
events cause its views to change.

 

 

 

 

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