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Sallyport Provides $10MM in Accounts Receivable Financing to Shield Therapeutics

May 09, 2024, 06:00 AM
Filed Under: Pharmaceuticals

Sallyport announced a groundbreaking $10 million in accounts receivable finance for a prominent pharmaceutical company - Shield Therapeutics Inc. This financing marks a pivotal moment for the organization, which is fervently navigating its commercialization journey in North America amidst soaring sales figures.

The infusion of $10 million in accounts receivable finance will provide the pharmaceutical company with the necessary impetus to further bolster its operations across North America. Despite the intricacies involved in orchestrating this financial arrangement, with the pharmaceutical firm operating under a UK parent company, Sallyport's global footprint, including key offices in both the UK and the US, facilitated the seamless execution of this complex deal, ensuring swift and effective funding for the client.

Special acknowledgement goes to Chris Huntington, VP of Business Development for Sallyport for diligently progressing the opportunity from his Boston referral source through to fruition.

Nick Hart, President of Sallyport, is thrilled to welcome the new client aboard; “We are very excited to partner with Shield Therapeutics to help bring their much-needed iron supplement product to a wider patient base who are in need of this product to reduce symptoms and drastically improve outcomes. Our initial $10MM will help drive distribution in sales in Q2 and beyond.”

This strategic collaboration underscores Sallyport's unwavering commitment to fostering innovation and growth within diverse industries. By leveraging its expertise and international presence, Sallyport continues to serve as a catalyst for businesses, enabling them to realize their full potential and flourish in today's dynamic, global marketplace.

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