Shield Therapeutics net sales grow in Q2, CEO stands down
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Shield Therapeutics
5.20p
16:55 06/09/24
Commercial-stage pharmaceutical company Shield Therapeutics said on Wednesday that total net sales had grown in Q2, driven by "robust" increases in prescriptions and higher net selling prices.
FTSE AIM All-Share
744.00
17:09 06/09/24
Pharmaceuticals & Biotechnology
23,887.44
16:44 06/09/24
Shield Therapeutics said its iron ore replacement therapy, ACCURUFeR, posted quarter-on-quarter sales growth of 69% to $6.9m, while total prescriptions rose 26% to more than 36,400 and average net selling price per prescription increased from $139 to $171.
The AIM-listed group said it had cash and equivalents of $8.1m as of 30 June, excluding the $5.7m in funding it received from its Chinese milestone monetisation announced on 3 July.
Shield Therapeutics also revealed chief executive Greg Madison had stood down from the board in order to pursue other opportunities and will be leaving the company with immediate effect. Non-executive director Anders Lundstrom will take over the job on an interim basis.
As of 0915 BST, Shield Therapeutics shares had surged 42.94% to 2.43p.
Reporting by Iain Gilbert at Sharecast.com