By Jaime Llinares Taboada

 

Shares in Shield Therapeutics PLC fell Thursday after it said that it couldn't complete a $30 million equity financing, and reported a widened net loss for 2021.

The pharmaceutical company said it has agreed on a $10 million loan from shareholder AOP Orphan International AG secured against the U.S. intellectual-property rights associated with Shield's Accrufer iron therapy. The loan is convertible into shares at a 10% discount to the average share price of the preceding 10 days.

Shield said that, prior to agreeing on this loan, it had started efforts to raise $30 million in equity, but it was unsuccessful. "Due to the extremely challenging equity market conditions it became apparent that it was unlikely such an equity financing could be closed at this time," the company said.

The company also published its 2021 results Thursday, reporting that net loss increased to 17.9 million pounds ($21.7 million) last year from GBP2.6 million in 2020.

Shares at 0742 GMT were down 32% at 8.13 pence.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

June 30, 2022 04:09 ET (08:09 GMT)

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