In a trading update for the year to 31 December 2021, Shield Therapeutics (STX ) said 2021 revenues will be in line with expectations at £1.5m after it made its first sales from Accrufer®.
At the end of June 2021, Shield confirmed that it would launch Accrufer®, its iron-containing medication for the treatment of adults with low iron stores, in the United States in July 2021.
The pharmaceutical firm said payer coverage now covers 60 million commercial lives resulting from several additional contracts being executed including Cigna, Humana, and Highmark, while the awareness of Accrufer® with target prescribers has doubled since its launch to 65%.
Healthcare professionals generated around 2500 prescriptions for Accrufer® since the launch into its patient assistance and reimbursement hub with significant growth seen from 3Q to 4Q.
For the year ended 31 December 2021, Shield Therapeutics reported net product revenue of £0.1m from its U.S. product sales, compared to nil in FY20. Meanwhile, royalty revenue was reported at £0.9m from the company’s product sales in the EU, up from £0.7m the prior year.
By period-end, cash on hand came to £12.1m, up from £2.9m reported at 31 December 2021.
“Our priorities for the US launch of Accrufer® were to increase awareness, generate clinical experience, and expand payer coverage, and we have made significant progress across each of these priorities.” commented Greg Madison, Chief Executive Officer of Shield Therapeutics.
He said initial feedback and reactions of healthcare providers show that there is a need for an effective and well tolerated oral iron therapy for the millions of patients with iron deficiency.
Looking ahead, the company said it will remain focused on continuing the “strong momentum” in the US and ensuring that the Group has the resources required to deliver on this goal.
Addressing shareholders, Madison added that, “We believe Accrufer®/Feraccru® has the potential to be the “best in class” oral iron replacement product and our efforts over the last six months have set the Company up to expand access and grow sales in 2022 and beyond.”
Speaking on additional partnerships, Madison stated: “We added two new partners, in Korea Pharma Co., Ltd. (Republic of Korea) and Kye Pharmaceuticals Inc (Canada), who are excited and motivated to progress through the regulatory and clinical pathways to approval.”
He added: “The initiation of the Phase 3 study in China is also a major milestone towards potential approval in this territory. I am pleased by the excellent progress that our worldwide strategic partners are making to bring Accrufer®/Feraccru® to more patients worldwide.”
Follow News & Updates from Shield Therapeutics: