North East pharmaceuticals firm Shield Therapeutics has secured a $10m shareholder loan after seeing a strong start to the new financial year and a “transformational” 2021.
The Gateshead company’s main drug, which treats iron deficiency anaemia, was first launched in Europe under the Ferracru brand in 2019 but is now available in the US and other countries outside out Europe as Accrufer.
The company presented full year results for 2021 as well as a business update, in which is saw revenues of £1.5m, a significant drop on 2020’s £10.4m which had been boosted by a licensing deal in China. Losses for the year also widened from £2.6m to £17.9m, primarily as a result of £11.4m in costs related to the US launch activities. Net cash stood at £12.1m, up from £2.9m.
