Shield Therapeutics PLC on Tuesday said it has now completed its $20 million senior secured debt facility from SWK Funding LLC.
Shield Therapeutics is a Gateshead Quays, England-based commercial stage pharmaceutical company focused on the commercialisation of its oral therapy for iron deficiency.
SWK is a Dallas, Texas-based provider of finance to the healthcare and life science sectors.
In September, Shield Therapeutics announced steps to improve its financial position.
Shield confirmed the subscription and placing portion of an equity raise was completed on Thursday, bringing in $6.1 million, equivalent to £5.0 million, from the issue of 62.4 million new shares at 8.0 pence each. The new shares are equivalent to 8.0% of existing equity.
Shield additionally launched an offer of shares at the placing price to retail investors via the REX platform. This could raise another £1.1 million.
Shield said it will use funds from the equity raise and debt facility to invest in its US commercial activities ‘with the goal to accelerate the launch curve and increase the net sales price for Accrufer’, its lead iron deficiency treatment. Shield also will repay the remaining $5.7 million on an existing loan.
Shares in Shield Therapeutics were down 2.0% to 7.40 pence each in London on Tuesday afternoon.
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