Shield Therapeutics - Tangible progress in US Accrufer launch

Shield Therapeutics reported H122 results reflecting the fact that its commercial activities for Accrufer are bearing fruit. US total prescriptions soared fourfold to 11,223 compared to H221, including an 87% q-o-q increase in Q222. This compares well with our existing and unchanged forecast for 26,700 prescriptions for 2022. We maintain our long-term Accrufer growth assumptions, and continued successful execution could lead to material upside in the shares, in our view, but we reiterate that Shield will need additional capital to execute its growth plans.