Shield Therapeutics (STX) , a commercial stage pharmaceutical company, issued its half-year results and business update, detailing strong H1 2023 prescription growth momentum for Accrufer®, and total revenue up 65%, setting it on track to reach total Accrufer® prescriptions of 100,000 to 130,000 in 2023.
Additionally, Shield said it is raising up to $27.4 million of new funds to support its development of Accrufer. The company said it had finalised a credit agreement for $20 million with a new senior debt facility. Additionally, Shield will bring in US$7.4m from equity fundraising.
Shield Therapeutics continued to make rapid progress with Accrufer®, a pharmaceutical product that addresses a significant unmet need for patients suffering from iron deficiency. Progress was underpinned by its partnership with global pharmaceutical company Viatris. Total prescriptions for H1 2023 increased by 59% compared to H2 2022, totaling over 26,200 for the first six months of 2023. The average net selling price per prescription was $119 during H1 2023.
Prescriptions in Q3 2023 are on track to exceed the total for the entire first six months of the year. Shield said it is on track to hit between 100,000 to 130,000 prescriptions in total in 2023.
In H1 2023, revenue reached $4.3 million ($2.6 million in H1 2022), with US Accrufer® sales contributing $3.7 million ($1.7 million in H1 2022). Loss for H1 2023 was $12.6 million, an improvement from H1 2022’s $15.1 million.
Cash stood at $13.6 million at 30 June 2023.
Regionally, US sales continue to lead, following its sales agreement with Viatris in December 2022. H1 2023 saw in 26,284 prescriptions for Accrufer® in the US, with the second quarter recording a volume increase of 50% versus the first quarter.
Shield's iron deficiency treatment is also sold in Europe under the name Feraccru®, with presence in Germany, the UK, and the Nordics. European sales increased by 11% in H1 2023 compared to H1 2022 and by 19% compared to H2 2022.
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Shield's commercial growth strategy for Accrufer continues to deliver strong results, building on a solid FY22 performance that saw prescriptions grow 10x and revenues triple. Following its raising of $27.4 million, Shield should be in a good position to further accelerate commercial development of Accrufer.
Globally, iron deficiency anemia affects around 1.2 billion individuals worldwide, and iron deficiency in the absence of anemia is even more frequent. In the US alone, about 20 million people suffer from anemia including iron deficiency (ID) and iron deficiency with anemia (IDA).
Accrufer represents a substantial market opportunity as the first and only FDA approved oral iron to treat ID/IDA with a broad label. In order to handle rocketing demand, Shield joined forces with Viatris in May, forming a combined sales team to target the 12,000+ highest US prescribers.
Momentum is very strong into H2 2023 thanks in part to the successful collaboration with Viatris, which was finalised in May and enabled wider commercial expansion and marketing work. Looking ahead, we expect the momentum in prescriptions to carry over into H2 2023 and beyond.
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