LONDON (ShareCast) - (Sharecast News) - Drugs developer Shield Therapeutics told investors on Monday that 2019 had been a year of "material progress", with a key success being the recent Federal Drug Administration approval of its iron deficiency treatment, Feraccru/Accrufer.

Shield also highlighted some positive results on its AEGIS-H2H study, which demonstrated the drug's orally taken treatment was in no way inferior to Ferinject - a leading intravenous iron therapy.

The AIM-listed group ended the year with £4.1m in cash, down from £9.8m at the end of 2018, but noted that following the receipt of an $11.4m upfront payment from ASK Pharm in January, its cash runway now extended into 2021.

Shield expects full-year revenues to be £2.9m, sharply down from the £11.9m brought in during the previous year when it received an £11m upfront payment from Norgine - which licensed Ferracru in Europe, Australia and New Zealand.

Sales of Feraccru grew 67% across Europe.

Chief executive Carl Sterritt said: "The group has made material progress during 2019. Two key successes were the positive results of the AEGIS-H2H study, which demonstrated that Feraccru/Accrufer is a credible oral alternative to IV iron therapy; and the FDA's approval of Accrufer which opens up the US market for which we are diligently working towards appointing an appropriate commercial partner."

As of 1415 GMT, Shield shares were basically flat at 164.50p.

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