Shield Therapeutics appoints Tim Watts as new CEO

– UK, London –  Shield Therapeutics plc (LON: STX), a commercial-stage pharmaceutical company with a focus on addressing iron deficiency with its lead product Feraccru/Accrufer (ferric maltol), a novel oral iron treatment, today announced the appointment of Tim Watts as CEO from his role as CFO, which he has occupied since August 2018. He will be appointed to the Board in due course.

Tim has extensive biotech and Pharmaceutical experience, having previously been CFO of Oxford BioMedica PLC and Archimedes Pharma Ltd, preceded by 22 years at AstraZeneca.

“…I am very pleased that Tim Watts has agreed to assume the role of CEO. His knowledge of the Company and his strong biopharmaceutical background will be critical to further advancing the business.” said James Karis, Board Chairman. 

The appointment followed discussions with major shareholders, and the decision of Carl Sterritt to resign from the Board and his role as CEO with immediate effect and with mutual agreement. Carl has willingly agreed to actively support Tim over the coming months, thereby ensuring his knowledge and expertise of Feraccru/Accrufer are readily available to the Company through to the closing of a partnering agreement in the United States.

James Karis added: “On behalf of the Board, I would like to extend our sincere thanks to Carl for the very substantial contribution that he has made to Shield since he founded the Company. His entrepreneurial approach, drive and determination have enabled the Company to successfully develop Feraccru/Accrufer and build the business to what it is today. His ongoing support is welcome and I wish him and his family all the best for the future.”

Carl Sterritt added: “Since founding the Company over ten years ago I am immensely proud of what we have achieved at Shield Therapeutics and my sincere thanks go to all of those colleagues who have been part of what has been an incredible journey for me. Feraccru/Accrufer is a uniquely effective product that I am sure will go on to become a major commercial success and in the immediate future I look forward to supporting Tim and the team in completing the partnering process for Feraccru/Accrufer in the USA.”

Tim Watts said: “I am honoured to have the opportunity to take on this role at this important time for Shield and thank the Board for its support. I am also pleased that Carl will serve in an advisory capacity so that we can ensure a smooth transition. Shield has a strong and dedicated team, and I look forward to working together to achieve the Company’s goals.”

About Shield Therapeutics plc

Shield is a de-risked, commercial-stage specialty pharmaceutical company delivering innovative pharmaceuticals to address patients’ unmet medical needs. The Company’s clear purpose is to develop products that help patients become people again, enabling them to enjoy the things that make a difference in their everyday lives. The Group’s lead product, Feraccru/ Accrufer has exclusive IP rights until the mid-2030s and is approved for the treatment of iron deficiency with or without anaemia in adults in the European Union, the United States and Switzerland. In Europe, it is marketed as Feraccru with commercialisation led by Norgine BV and in the USA the product will be marketed as Accrufer with Shield currently in the process of selecting a commercialisation partner. Shield also has an exclusive licence agreement with Beijing Aosaikang Pharmaceutical Co. Ltd for the development and commercialisation of Feraccru/Accrufer in China, Hong Kong, Macau and Taiwan.

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