NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

Shield Therapeutics PLC

("Shield" or the "Company")

Rule 2.9 Announcement and Total Voting Rights Update

Following admission to trading on AIM earlier today of 127,366,565 new ordinary shares of 1.5p each in the capital of the Company ("Ordinary Shares), which was as a result of the conversion of US$9,542,019 of the convertible loan between Shield and AOP Health International Management AG, in accordance with Rule 2.9 of the City Code on Takeovers and Mergers the Company confirms it has in issue and admitted to trading on AIM 713,036,342 Ordinary Shares.

Further, the Company confirms that in accordance with the requirements of the FCA's Disclosure and Transparency Rule 5.6.1, the Company's issued share capital consists of 713,036,342 Ordinary Shares, each with equal voting rights. No shares are held in treasury.

The above figure may also be used by shareholders of the Company as the denominator in the calculations by which they will determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.

The International Securities Identification Number for Shield's Ordinary Shares is GB00BYV81293.

Enquiries:

About Accrufer®/Feraccru®

Accrufer®/Feraccru® (ferric maltol) is a novel, stable, non-salt based oral therapy for adults with iron deficiency, with or without anemia. Accrufer®/Feraccru® has a novel mechanism of action compared to other oral iron therapies and has been shown to be an efficacious and well-tolerated therapy in a range of clinical trials. More information about Accrufer®/Feraccru®, including the product label, can be found at: www.accrufer.com and www.feraccru.com

About Shield Therapeutics plc

Shield is a commercial stage pharmaceutical company focused on the commercialisation of Accrufer®/Feraccru® (ferric maltol), an innovative oral iron therapy for iron deficiency differentiated from other irons by its efficacy, broad label and well-tolerated formulation. The Group has launched Accrufer® in the US with an exclusive, multi-year collaboration agreement with Viatris, Inc. Feraccru® is commercialised in the UK and European Union by Norgine B.V., that also have the marketing rights in Australia and New Zealand. Shield also has an exclusive license agreement with Beijing Aosaikang Pharmaceutical Co., Ltd., for the development and commercialisation of Accrufer®/Feraccru® in China, Hong Kong, Macau and Taiwan, with Korea Pharma Co., Ltd. for the Republic of Korea, and with KYE Pharmaceuticals Inc. for Canada.

Accrufer®/Feraccru® has patent coverage until the mid-2030s

Accrufer®/Feraccru® are registered trademarks of the Shield Group