TIDMSTX
RNS Number : 9952Y
Shield Therapeutics PLC
09 January 2024
Shield Therapeutics plc
("Shield" or the "Company" or the "Group")
Appointment of new Chief Financial Officer
Accomplished Finance Executive brings 20+ years of broad and
relevant experience
London, UK, 09 January, 2024: Shield Therapeutics plc (LSE: STX,
"Shield"), a commercial stage pharmaceutical company that delivers
Accrufer(R)/Feraccru(R) (ferric maltol), an innovative and
differentiated specialty pharmaceutical product, to address a
significant unmet need for patients suffering from iron deficiency
(with or without anemia), announces the appointment of Santosh
Shanbhag as Chief Financial Officer ('CFO'). Mr. Shanbhag, who will
assume the position on 16 January 2024, will oversee the Company's
financial operations and serve as a member of the Executive
Leadership Team.
Mr. Shanbhag is a senior financial executive with 20+ years of
experience leading financial operations for both U.S. and
international organizations, has completed fundraisings for both
private and public companies, and helped execute complex business
programs for transformative healthcare companies to support
organizational growth and maximize organizational and capital
efficiency.
Prior to joining Shield, Mr. Shanbhag was CFO of Nasdaq listed
Akili, Inc., where he helped transform the company from a private
to a public entity, raise capital to support its business
aspirations, and was also responsible for corporate and business
development. Before Akili, Mr. Shanbhag held senior finance
leadership roles at Vertex Pharmaceuticals, including as Vice
President and Head of International Finance and Accounting, where
he helped in building out the international business and secure
reimbursement for novel medicines in key international markets. Mr.
Shanbhag has also served in positions of increasing responsibility
at Capgemini Consulting and Texas Instruments. He holds an M.S. in
Management & Engineering from MIT and Sloan School of
Management, and an M.S. in Mechanical Engineering from the
University of Massachusetts, Amherst.
Greg Madison, Chief Executive Officer, commented: "As we look to
build on the impressive growth of Accrufer(R), I am pleased to have
Santosh joining the executive team as a key partner. The breadth of
his experience in finance, capital markets, commercial,
reimbursement and corporate development from his roles at Akili and
Vertex, coupled with his keen operations acumen and strong life
sciences background, make him an ideal addition to the executive
leadership team at Shield."
Santosh Shanbhag said: "I am delighted to join Shield at this
time in the Company's growth trajectory. Building healthcare
businesses that transform patient care is my passion. I believe
Accrufer(R) is transforming the care of people with iron deficiency
and I look forward to working with Greg and the entire management
team to leverage my experience with high growth organizations to
continue to build our business and deliver value for patients and
shareholders."
For further information please contact:
Shield Therapeutics plc www.shieldtherapeutics.com
Greg Madison, CEO +44 (0) 191 511 8500
Nominated Adviser and Joint
Broker
Peel Hunt LLP
James Steel/Patrick Birkholm +44 (0)20 7418 8900
Joint Broker
Cavendish Ltd
Geoff Nash/George Dollemore/Nigel
Birks/Harriet Ward +44 (0)20 7220 0500
Financial PR & IR Advisor
Walbrook PR
Paul McManus/Charlotte Edgar/ +44 (0)20 7933 8780 or shield@walbrookpr.com
Alice Woodings
Investor Contact (US Advisor)
LifeSci Advisors, LLC
Joyce Allaire jallaire@lifesciadvisors.com
About Iron Deficiency and Accrufer(R)/Feraccru(R)
Clinically low iron levels (aka iron deficiency, ID) can cause
serious health problems for adults of all ages, across multiple
therapeutic areas. Together, ID and ID with anemia (IDA) affect
about 20 million people in the U.S. and represent a $2.3B market
opportunity. As the first and only FDA approved oral iron to treat
ID/IDA, Accrufer(R) has the potential to meet an important unmet
medical need for both physicians and patients.
Accrufer(R)/Feraccru(R) (ferric maltol) is a novel, stable,
non-salt-based oral therapy for adults with ID/IDA.
Accrufer(R)/Feraccru(R) has a novel mechanism of absorption
compared to other oral iron therapies and has been shown to be an
efficacious and well-tolerated therapy in a range of clinical
trials. More information about Accrufer(R)/ Feraccru(R) , including
the product label, can be found at: www.accrufer.com and
www.feraccru.com .
About Shield Therapeutics plc
Shield is a commercial stage specialty pharmaceutical company
that delivers Accrufer(R)/Feraccru(R) (ferric maltol), an
innovative and differentiated pharmaceutical product, to address a
significant unmet need for patients suffering from iron deficiency,
with or without anemia. The Company has launched Accrufer(R) in the
U.S. with an exclusive, multi-year commercial agreement with
Viatris Inc. (Viatris). Outside of the U.S., the Company has
licensed the rights to four specialty pharmaceutical companies.
Feraccru(R) is commercialized in the UK and European Union by
Norgine B.V. (Norgine), which also has marketing rights in
Australia and New Zealand. Shield also has an exclusive license
agreement with Beijing Aosaikang Pharmaceutical Co., Ltd., for the
development and commercialization of Accrufer(R)/ Feraccru(R) in
China, Hong Kong, Macau and Taiwan; with Korea Pharma Co., Ltd. for
the Republic of Korea (Korea Pharma); and with KYE Pharmaceuticals
Inc. for Canada.
Accrufer(R)/Feraccru(R) has patent coverage until the
mid-2030s.
Accrufer(R)/Feraccru(R) are registered trademarks of Shield
Therapeutics.
Forward-Looking Statements
This press release contains forward-looking statements. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements. These forward-looking statements are based on
management's current expectations and include statements related to
the commercial strategy for Accrufer(R)/Feraccru(R). These
statements are neither promises nor guarantees, but involve known
and unknown risks and uncertainties, many of which are beyond our
control, that may cause actual results and performance or
achievements to be materially different from management's
expectations expressed or implied by the forward-looking
statements, including, but not limited to, risks associated with
the Company's business and results of operations, competition and
other market factors. The forward-looking statements made in this
press release represent management's expectations as of the date of
this press release, and except as required by law, the Company
disclaims any obligation to update any forward-looking statements
contained in this release, even if subsequent events cause its
views to change.
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END
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