Shuttle Pharmaceuticals Secures $4.5 Million in Public Offering
Shuttle Pharmaceuticals Achieves Major Funding Milestone
Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ: SHPH), a Maryland-based pharmaceutical company dedicated to transforming cancer care through innovative research, has successfully secured pricing for its latest public offering. This strategic move aims to enhance treatments for patients undergoing radiation therapy. The public offering involves the sale of up to 2,950,820 shares of common stock at a price of $1.525 each, along with warrants that could lead to the purchase of an equal number of shares.
Details of the Public Offering
The funding round, anticipated to yield approximately $4.5 million in gross proceeds, will allow Shuttle Pharmaceuticals to bolster its ongoing clinical trials. With a focus on IND-enabling studies, as well as Phase I and II trials, the company is poised to direct cash resources towards the development of groundbreaking therapies. A portion of the proceeds, amounting to approximately $2.3 million, has been earmarked for Theradex Systems, Inc., its collaborator and clinical research partner.
Institutional Support and Timing
The offering is primarily underwritten by A.G.P./Alliance Global Partners, showcasing robust institutional support behind Shuttle Pharma’s mission. It is anticipated that the deal will close around late October 2024, contingent on meeting standard conditions.
Utilizing Proceeds for Cancer Research
By leveraging the funds from this offering, Shuttle Pharmaceuticals aims to advance its pipeline of candidate therapies that target cancer treatments enhanced by radiation therapy. This strategy is critical as the company seeks to improve patient outcomes, increase survival rates, and diminish adverse effects typically associated with traditional radiation treatments.
About Shuttle Pharmaceuticals Holdings, Inc.
Founded in 2012 by medical professionals from Georgetown University Medical Center, Shuttle Pharmaceuticals has consistently aimed to innovate in cancer treatment methodologies. The company specializes in the design and development of therapies intended to augment the effectiveness of radiation treatments while minimizing negative side effects. The overarching goal is to significantly elevate cancer cure rates and optimize the quality of life for patients, whether through standalone therapies or in conjunction with existing treatments such as chemotherapy and immunotherapy.
Expanding Clinical Research
The company plans to use a portion of the public offering's proceeds to initiate clinical trials that not only focus on Ropidoxuridine, a radiation sensitizer, but also on other promising candidates within its portfolio. By doing so, Shuttle Pharmaceuticals hopes to contribute to more effective cancer therapies that alter the treatment landscape for patients diagnosed with various forms of cancer.
Commitment to Innovation
Shuttle Pharma's commitment to innovation is reflected in its ongoing research initiatives. By prioritizing the development of radiation sensitizers, the company strives to address existing gaps in cancer treatments and enhance the overall therapeutic index of Radiation Therapy (RT). This focus not only underscores the company's mission but also highlights its potential to impact the lives of patients significantly.
Contact Information for Inquiries
For more details about this public offering or Shuttle Pharmaceuticals’ innovative research, interested parties can reach out to the company’s CEO, Dr. Anatoly Dritschilo, directly at 240-403-4212 or via email at info@shuttlepharma.com.
Frequently Asked Questions
What is the purpose of Shuttle Pharmaceuticals' public offering?
The public offering aims to raise funds to support ongoing clinical trials and improve cancer treatments focused on radiation therapy.
How much funding has Shuttle Pharmaceuticals secured?
The company has announced a pricing structure for approximately $4.5 million, which will be used to advance its cancer treatment initiatives.
What are the key areas of focus for Shuttle Pharmaceuticals' research?
Shuttle Pharmaceuticals focuses on developing therapies that enhance radiation treatments, minimizing their side effects while maximizing their effectiveness against cancers.
Who is underwriting the public offering?
A.G.P./Alliance Global Partners is the lead placement agent, with Boustead Securities, LLC participating as a co-placement agent.
How can I contact Shuttle Pharmaceuticals for more information?
Interested individuals can contact CEO Dr. Anatoly Dritschilo at 240-403-4212 or via email at info@shuttlepharma.com for inquiries regarding the company and its initiatives.
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