16th Sep 2020 11:13
(Alliance News) - Pharmaceutical firm Shield Therapeutics PLC on Wednesday said it swung to interim profit, helped by surging revenue.
In the six months to June 30, revenue jumped to GBP8.9 million from GBP430,000. The company swung to a pretax profit of GBP2.7 million from a GBP4.7 million loss a year earlier.
Focused on iron deficiency therapies, Shield's lead product is the Feraccru, or Accrufer, oral product.
"The main priority for the group during 2020 to date has been to secure a commercialisation partner for Accrufer in the USA. As well as achieving the right financial terms, we have also been focussed on engaging with potential partners that could exploit Accrufer across the broad range of therapy areas where iron deficiency is prevalent," Shield said.
"We announced in January 2020 that we had entered into an exclusive licence agreement for Feraccru/Accrufer with Jiangsu Aosaikang Pharmaceutical Co Ltd covering China, Hong Kong, Macau and Taiwan. We received an upfront payment of USD11.4 million and are eligible to receive a further USD11.4 million upon regulatory approval of Feraccru/Accrufer in China."
Shield shares jumped 13% to 119.63 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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