Shield Therapeutics - Operating results eclipsed by financing difficulties
Shield Therapeutics reported FY21 results in line with market expectations, recording revenue of £1.5m, including a maiden £0.1m contribution from the United States after the July 2021 US launch of Accrufer. Early indications from sales outreach efforts are encouraging, with Shield reporting improved payor coverage and 100% quarter-on-quarter growth in US prescription volumes in Q122. The out-licensing agreement signed with KYE Pharmaceuticals in Canada (in Q122) could expand this market opportunity further. The company also announced a $10m convertible shareholder loan intended to extend its cash runway to end FY22 but comes as Shield was unable to complete a planned $30m equity issue, which would have provided access to a larger, non-dilutive debt facility. Shield will continue to examine other financing opportunities, but may reassess how best to allocate its available resources to its ongoing US sales initiatives, creating a possible overhang for its near-term growth prospects. Our estimates and valuation are under review.Shield Therapeutics is a specialty pharmaceutical company focused on the development and commercialization of late stage, hospital-focused pharmaceuticals which address areas of high unmet medical need. Co.'s key products are Feraccru®, commercially available for the treatment of Iron Deficiency Anaemia, and PT20, for the treatment of systemic phosphate accumulation (otherwise known as hyperphosphatemia). Co. has an additional pipeline of three prescription pharmaceutical assets (PT20, PT30 and PT40) with commercial synergies.
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