Shield Therapeutics PLC (AIM:STX, OTCQX:SHIEF) CEO Greg Madison speaks to Thomas Warner after a busy week for the commercial stage pharmaceutical company, which included the release of its interim results and the announcement of a major fundraise.
He highlights the success of the fundraise, which comprised US$20 million from a new senior debt facility as well as an equity fundraise (split between a share placing, a subscription and an offering to retail investors) that brought in an additional US$6 million.
He explains that the new funding is going to be put to use in "paying off an existing loan, increasing our working capital needs and then certainly some commercial investments to accelerate the curve that we're seeing here."
The curve he describes is the marked increase in demand for Shield's Accrufer product, which is a stable, non-salt based oral therapy for adults with iron deficiency that is designed to avoid some of the unwanted side-effects of conventional iron tablets.
He says he "can't speak highly enough about the dedication and passion of [his] team at Shield, but also about our partner Viatris… we made an excellent choice… we couldn't be more pleased with the partnership and the collaboration we're seeing."
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Shield Therapeutics PLC
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