Hardman & Co Research: Good demand for Feraccru in Europe

Shield Therapeutics (STX) is a commercial-stage company delivering specialty products that address patients' unmet medical needs, with an initial focus on treating iron deficiency (ID) with ferric maltol. Recent news that the FDA had approved this drug for a broad indication opened up a market in the US currently worth over $1bn p.a. - a US partnership deal is expected in 2020. A 2019 trading update showed STX's performance to be in line with expectations, with £0.6m in sales-related revenue from Norgine's sales of Feraccru in Europe and £2.3m in milestones. STX's cash runway extends into 2021, in the absence of a US deal.

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