Shield Therapeutics PLC

finnCap have advised Shield Therapeutics plc (STX) on raising up to £29m by way of a placing, subscription and open offer.

The primary use of the funds is to launch Accrufer® in the US. Accrufer® is an FDA approved treatment for Iron Deficiency (ID) and is marketed in Europe by Norgine (for which it receives 25-40% royalties), under the brand name Feraccru, and has been licensed to ASK Pharma for China and other markets. The fundraise should be sufficient to reach EBITDA breakeven, which is anticipated in 15- 18 months. With the prospect of reaching $100m of US revenues and c $45-50m of EBITDA in 3-4 years, we believe the return on investment is potentially substantial.