Shield Therapeutics PLC (AIM: STX, OTCQX: SHIEF) shares surged 47% following the release of impressive second-quarter trading results.
The announcement, which also included news of CEO Greg Madison’s departure, highlighted a 69% quarter-on-quarter increase in net sales of its iron deficiency product, ACCURUFeR, reaching $6.9 million—a 259% year-on-year rise.
Additionally, total prescriptions grew by 26%, with the average price increasing to $171, up from $118 the previous year.
In the update, Shield reported that its cash reserves at the end of June stood at a solid $8.1 million, not yet including the $5.7 million from its funding deal related to the China milestone monetisation.
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
In a separate announcement, the company revealed that CEO Greg Madison was stepping down by mutual consent to pursue other opportunities, effective immediately.
Anders Lundstrom, a non-executive director, has been appointed interim CEO. Based in Boston, Lundstrom brings extensive international experience from AstraZeneca, Biogen, and Orexo, where he served as president and CEO.
“On behalf of the board, I would like to thank Greg for his significant contributions to the group, including securing the partnership with Viatris and overseeing the subsequent launch and growth of ACCRUFeR. We wish him well in his future endeavours,” said chairman Hans Peter Hasler.
“Shield has a highly experienced board of directors and has had the privilege of working alongside Anders Lundstrom these past three years. Anders brings a wealth of US commercialization experience, and we are confident he will lead the team to continue the success of ACCRUFeR. I wish him and the team every success.”
In early trading, the stock rose 0.89p to 2.75p.
