Drug manufacturer Shield Therapeutics has hailed rapid progress made on its move into the US market with its key iron deficiency tablets.
The Gateshead-based firm launched a partnership with Pennsylvania healthcare company Viatris last year in a bid to target more than 12,000 prescribers with its Accrufer product, which treats iron deficiency anaemia. In March, Shield saw a 21% growth in total prescriptions, and has now reported a big leap in full year revenues in 2022, from £1.5m to £4.5m.
Despite the gains, Shield's operating losses widened to £24.6m, compared with £19.5m in 2021, in a move it said was to be expected during its push into the US. Investors were told the firm hopes to reach cash flow breakeven at the end of next year, but investors may see future moves by the firm to list outside of the UK.
