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Shield Therapeutics FY revenues impacted by milestone repayment
1st May 2020 09:55
(Sharecast News) - Pharmaceuticals outfit Shield Therapeutics warned on Friday that full-year revenues would be lower than originally anticipated after it had to repay a sizeable milestone payment.
Shield said an AEGIS-H2H clinical study on Ferracru, its iron deficiency drug, had not met its primary endpoint of non-inferiority at 12 weeks in both the "intention to treat" and "per protocol" populations.
As a result, the AIM-listed group had to repay a €2.5m milestone to its European partner Norgine and now expects 2019 full-year revenues to be just ?700,000.
Shield added that development of a liquid formulation of the drug for children had also been deferred due to Covid-19 pandemic.
As far as the first quarter of 2020 was concerned, Shield said sales of Ferrari had risen in Germany and the UK throughout the period. However, the group warned that this was before the full impact of the Covid-19 pandemic.
Shield also noted that it had seen significant interest in its search for a US partner for the drug.
Chief executive Tim Watts said: "We are encouraged by the continued interest from potential US partners during uncertain times, confident of the pressing need for our product as an effective alternative treatment for iron deficiency, and remain committed to advancing commercial discussions to secure the best deal for shareholders."
As of 0955 BST, Shield shares were down 8.10% at 115.80p.
Shield said an AEGIS-H2H clinical study on Ferracru, its iron deficiency drug, had not met its primary endpoint of non-inferiority at 12 weeks in both the "intention to treat" and "per protocol" populations.
As a result, the AIM-listed group had to repay a €2.5m milestone to its European partner Norgine and now expects 2019 full-year revenues to be just ?700,000.
Shield added that development of a liquid formulation of the drug for children had also been deferred due to Covid-19 pandemic.
As far as the first quarter of 2020 was concerned, Shield said sales of Ferrari had risen in Germany and the UK throughout the period. However, the group warned that this was before the full impact of the Covid-19 pandemic.
Shield also noted that it had seen significant interest in its search for a US partner for the drug.
Chief executive Tim Watts said: "We are encouraged by the continued interest from potential US partners during uncertain times, confident of the pressing need for our product as an effective alternative treatment for iron deficiency, and remain committed to advancing commercial discussions to secure the best deal for shareholders."
As of 0955 BST, Shield shares were down 8.10% at 115.80p.