Shuttle Pharmaceuticals Holds Public Offering to Advance Clinical Trials

Shuttle Pharmaceuticals Holdings, Inc. recently concluded a public offering, as per a Form 8-K filed with the Securities and Exchange Commission on October 31, 2024. The Delaware-based corporation successfully closed the offering on October 29, 2024. The company fulfilled the sale of 395,574 shares of common stock, each valued at $1.525 per share, and issued pre-funded warrants and common stock purchase warrants. The aggregate gross proceeds from this transaction amounted to approximately $4.5 million after accounting for placement agents’ fees and other offering expenses.

The funds raised from this public offering are intended to propel the advancement of Investigational New Drug (IND)-enabling activities and Phase I and II clinical trials for Shuttle Pharmaceuticals’ range of product candidates. Specifically, $2.3 million from this offering will be allocated to Theradex Systems, Inc., the clinical research organization overseeing the Phase II clinical trials for Ropidoxuridine, a radiation sensitizer developed by the company.

The offered securities consist of pre-funded warrants, common stock purchase warrants, and common stock shares, which were issued under the company’s effective registration statement. The pre-funded warrants have an exercise price of $0.001 per share and will remain exercisable until fully executed. On the other hand, each common warrant, which has an exercise price of $1.40 per share, can be exercised for one common stock share and is slated to remain exercisable for five years from its issuance.

Moreover, the company has resolved that in the event of stock dividends or similar activities, the exercise price of the warrants will adjust accordingly. Holders of these financial instruments are subject to ownership limitations to prevent exceeding 4.99% of the outstanding common stock.

Shuttle Pharmaceuticals also entered into a securities purchase agreement with certain investors and a placement agency agreement with A.G.P./Alliance Global Partners and Boustead Securities, LLC to facilitate this offering. The purchase agreement includes a lock-up period of sixty days for company personnel holding significant shares and prohibits the issuance of common stock under certain conditions for an extended period.

The public offering announcement on October 29, 2024, confirmed the pricing details of the offering. Shuttle Pharmaceuticals Holdings, Inc., traded on Nasdaq under the ticker SHPH, is focused on advancing treatments for cancer patients undergoing radiation therapy, with a strong commitment to improving treatment outcomes and patient well-being.

For more information about Shuttle Pharmaceuticals Holdings, Inc. and their ongoing developments, visit their website at www.shuttlepharma.com.

The information provided in this report offers a comprehensive overview of Shuttle Pharmaceuticals’ recent financial activities and its strategic use of raised capital within the pharmaceutical sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Shuttle Pharmaceuticals’s 8K filing here.

Shuttle Pharmaceuticals Company Profile

Shuttle Pharmaceuticals Holdings, Inc, a clinical stage pharmaceutical company, develops novel therapies to cure cancers. It develops Ropidoxuridine, an oral halogenated pyrimidine to treat patients with brain tumors and sarcomas SP-1-161, an HDAC inhibitor that initiates the mutated in ataxia-telangiectasia response pathway for radiation sensitizing cancer cells and protecting normal cells; SP-2-225, a pre-clinical class IIb that effects on the regulation of the immune system; and SP-1-303, a pre-clinical selective Class I HDAC for the treatment of ER positive cancers .