Business
Full Year Trading Update
Full Year Trading Update.
About this update from Shield Therapeutics Plc
[{"type":"text","content":"\n \n \n W/Shield Therapeutics plc\n \n \n (\"Shield\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n \n Full Year Trading Update\n \n \n \n \n Further Reports of Progress on the Commercialization of Accrufer\n ®/Feraccru®\n \n \n \n Accrufer\n \n ® US Total Prescriptions increased to greater than 25,000 in 2022;\n \n \n \n Accrufer® Net Product Revenue increased to US$3.5 million in 2022;\n \n \n \n \n Collaborative Sales Agreement signed with Viatris for Accrufer® in the US;\n \n \n \n \n Completion of US$36.7million in financing (gross); and\n \n \n \n \n Fully funded to support operations through to cash flow break-even by end of 2024.\n \n \n \n \n \n \n \n \n \n London, UK, 09 February, 2023: \n \n Shield Therapeutics plc (LSE: STX), a commercial stage pharmaceutical company focused on the commercialization of Accrufer®/Feraccru® (ferric maltol), a novel oral iron therapy differentiated from other conventional irons by its efficacy, well-tolerated formulation, and broad label, provides the following unaudited trading update for the year ended 31 December 2022, as well as an update on the Company's progress on the implementation of the collaboration with Viatris Inc ('Viatris').\n \n \n \n \n \n \n Unaudited Revenue for the year ended 31 December 2022 and Cash position:\n \n \n \n \n \n \n \n \n \n Total Revenue of £8.5 million (FY21: £1.5 million) including:\n \n \n \n ·\n Net product revenue of £2.8 million from sales of Accrufer® in the US (FY21: £0.1 million)\n \n \n ·\n Royalty revenue of £1.3 million from product sales in Europe (FY21: £0.9 million)\n \n \n ·\n Upfront payments of £4.2 million from Viatris and £0.2 million from KYE Pharma on signing of the license agreement for commercialization in Canada (FY21: £0.5 million from Korea Pharma)\n \n \n \n \n \n \n Total Financing of c.£30 million (including gross funds received post period):\n \n \n \n ·\n US$36.7 million (gross proceeds, comprised of US$21.7 million from placing and open offer, US$5 million upfront payment from Viatris and US$10 million additional borrowings under the amended convertible shareholder loan facility from AOP Health)\n \n \n ·\n Cash resources sufficient to support operations through to cash flow break-even by end of 2024\n \n \n \n \n \n \n US Commercial Update\n \n : About 20 mi...