Gateshead-based, speciality pharmaceutical company Shield Therapeutics has recently announced its admission to trading on AIM.
This follows a successful fundraising of £32.5 million (gross proceeds) through the placing and subscription of 21,666,662 new Ordinary Shares. On admission the company had a market capitalisation of approximately £162 million.
Shield is a speciality pharmaceutical company focussed on the development and commercialisation of secondary care-focussed pharmaceuticals and has major market opportunities in addressing unmet medical needs. In addition to the AIM listing Shield has also announced it has approved marketing authorisation from the European Commission across all member states for its lead drug, Feraccru.
Carl Sterritt, Chief Executive Officer said: “We are excited to join the AIM market. The successful completion of our IPO facilitates the commercial launch of our lead drug, Feraccru in Europe and enables us to conduct further trials which will facilitate our commercial plans in other indications and markets. I would like to thank our advisers for their professionalism, support and confidence throughout the IPO process.”
Working alongside Shield’s incumbent London based lawyers, Newcastle based commercial firm, Square One Law was appointed to support Shield’s management in preparing the company for flotation and a number of key commercial agreements to support its ongoing operations. Partners James Bryce and Jean-Pierre van Zyl led the Square One Law team and Lucy Bailey, an associate lawyer was seconded to Shield on a full time basis for 4 months, working closely with the management team and Shield’s other advisers on a wide range of operational and corporate matters.
Chief Financial Officer, Richard Jones of Shield added: “The support of Square One Law was invaluable in preparing the business for a fundraising and flotation. Lucy and the team were available round the clock to support us and ensure that various business critical projects were delivered.”
Lucy said: “There is an exciting future for the business with new products and a strong platform to continue to invest, develop new products and grow into new markets. I was delighted to be able to support the business through this transition and to see it brought to market.”
James Bryce said: “It is very positive for the region to have another listed company and cements the North East’s reputation for a place to grow businesses and make an impact on international markets, particularly in the pharmaceutical sector. Our team has a strong record of advising companies in the pharma sector and we were pleased to bring that experience to bear in advising Shield. We look forward to working with the company as it moves forward with its plans for growth.”