Shield Therapeutics has undergone a significant leadership change, marking a new chapter for the company. Greg Madison, who led the firm for three impactful years, has stepped down as CEO.
Madison’s tenure at Shield Therapeutics was marked by strategic developments, most notably the expansion into the US market through a partnership with Viatris. This leadership change comes at a time of notable growth for the company.
Shield Therapeutics has announced a pivotal leadership change. Greg Madison, who has been at the helm for three years, has stepped down as CEO. His tenure saw significant developments, notably the expansion into the US market through a strategic partnership with Viatris. This transition comes at a time of growth, with Anders Lundstrom stepping in as the interim CEO.
Greg Madison’s departure was described as a mutual decision, allowing him to pursue other opportunities. During his leadership, Shield Therapeutics experienced a significant push in the US market, highlighting Madison’s strategic acumen. Under his stewardship, the company achieved a noteworthy increase in US prescriptions of Accrufer, its leading drug for treating iron deficiency.
Accrufer’s performance in the US market has been remarkable. Sales figures from the second quarter of 2024 alone demonstrated a 69% increase over the previous quarter, resulting in total revenue of £5.3m. This figure represents a robust 259% increase compared to the same period in 2023. Overall, Accrufer’s first half sales amounted to $11m.
The financial results for Shield Therapeutics are promising, with a significant rise in net selling price by 23%. The company’s financial position remains strong, with $8.1m in cash reserves. This financial stability, combined with their strategic partnerships, positions Shield Therapeutics for further growth and expansion in the global market, particularly in the US.
Interim CEO Anders Lundstrom voiced optimism about Shield’s future. He emphasised the progress made in increasing physician awareness and Accrufer adoption. Lundstrom’s experience with top-tier pharmaceutical companies like AstraZeneca and Biogen bolsters his ability to drive Shield’s US expansion. His leadership is expected to enhance the company’s market position significantly.
The US market has responded positively to Shield’s promotional efforts. Large states such as California, New York, and Florida have seen significant growth in Accrufer prescriptions. Texas is experiencing a recovery, contributing to the overall growth. This success is attributed to effective operational strategies and the field force expansion initiated under Madison’s leadership.
As Shield navigates this transition, the focus remains on sustaining its success in the US market. The strategies implemented have established Accrufer as a preferred treatment for iron deficiency. The continued growth of prescription rates signifies the potential market impact, with expectations for Shield to maintain its upward trajectory.
Shield Therapeutics is poised for continued growth under new leadership. The transition of CEO does not detract from the positive trajectory of the company.
As the market for Accrufer expands, expectations are high for further success. The groundwork laid during Madison’s tenure ensures a solid foundation for future achievements.
