Shuttle Pharmaceuticals Secures $4.5 Million Offering for Growth
Shuttle Pharmaceuticals Holdings, Inc. Announces Public Offering
In a strategic move to enhance its operations and contribute to cancer treatment advancements, Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) has successfully priced a public offering worth $4.5 million. As a pioneering specialty pharmaceutical company, Shuttle Pharma is dedicated to improving the outcomes of cancer patients undergoing radiation therapy (RT). This offering involves the purchase and sale of almost 2.95 million shares of common stock, which can also include pre-funded warrants, at an enticing combined offering price of $1.525 per share along with the corresponding warrant.
Utilization of Proceeds
Shuttle Pharma plans to allocate the proceeds from this public offering towards crucial IND-enabling and Phase I and II clinical trials of promising product candidates. This strategic financial infusion aims to catalyze advancements in targeted therapies while ensuring the continued commitment to innovative cancer treatments. Specifically, $2.3 million of the funds will be directed towards payments owed to Theradex Systems, Inc., a renowned clinical research organization supporting crucial Phase II trials for the radiation sensitizer, Ropidoxuridine. The remaining funds will support general working capital and corporate purposes.
Offering Details and Timeline
The public offering is scheduled to close around October 31, 2024, pending customary closing conditions. This offering is particularly notable as it is being executed at-the-market, which aligns with the current Nasdaq regulatory framework. Shuttle Pharma has engaged A.G.P./Alliance Global Partners as the leading placement agent to facilitate this offering, with Boustead Securities, LLC also contributing as a co-placement agent.
About Shuttle Pharmaceuticals and Its Mission
Since its establishment in 2012 by esteemed professionals associated with Georgetown University Medical Center, Shuttle Pharmaceuticals has emerged as a leader in developing specialized pharmaceutical interventions that enhance cancer treatment outcomes. The company's mission revolves around the firm belief that it can significantly improve the lives of cancer patients by developing therapies that not only enhance the efficacy of RT but also mitigate the associated side effects.
Through innovative approaches, Shuttle Pharmaceuticals aspires to increase cancer cure rates while simultaneously improving the overall quality of life for patients. By focusing on the development of radiation sensitizers, Shuttle Pharma aims to revolutionize cancer treatment by optimizing the effectiveness of traditional modalities, including surgery, chemotherapy, and immunotherapy.
Future Prospects and Opportunities
Shuttle Pharmaceuticals Holdings, Inc. is positioned strategically within the specialty pharmaceutical landscape. The current offering is a critical component in bolstering the company’s research and development initiatives, allowing them to stay at the forefront of cancer therapies. With the increasing recognition of radiation’s role in cancer treatment, Shuttle Pharma’s innovative projects and strategic partnerships are expected to play a significant role in advancing cancer care and improving patient outcomes globally.
Contact Information for Queries
Individuals seeking more information regarding this offering or the company can easily reach out to Shuttle Pharmaceuticals. CEO Anatoly Dritschilo, M.D., is available for inquiries at 240-403-4212 or via email at info@shuttlepharma.com.
Frequently Asked Questions
What is the primary purpose of the public offering?
The public offering is primarily aimed at funding IND-enabling and Phase I and II clinical trials for Shuttle Pharma's product candidates.
How much capital is Shuttle Pharmaceuticals raising?
Shuttle Pharmaceuticals is raising approximately $4.5 million through this public offering.
What will the proceeds be used for?
The proceeds will be utilized to make payments to Theradex Systems and support working capital and general corporate purposes.
When is the expected closing date of the offering?
The offering is expected to close on or around October 31, 2024, based on customary closing conditions.
How can I contact Shuttle Pharmaceuticals for more information?
For inquiries, you can contact the CEO, Anatoly Dritschilo, M.D., at 240-403-4212 or email info@shuttlepharma.com.
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