Shuttle Pharmaceuticals Holdings, Inc. has successfully completed a public offering, securing approximately $4.5 million to advance its clinical trials, particularly for its lead drug candidate, Ropidoxuridine. The offering, detailed in a recent SEC filing, closed on October 29, 2024, and is poised to significantly bolster the company's research and development efforts in cancer therapeutics.
The funds raised will be strategically allocated, with $2.3 million earmarked for Theradex Systems, Inc., the clinical research organization (CRO) managing the Phase II clinical trials of Ropidoxuridine. This investment underscores Shuttle Pharmaceuticals' commitment to accelerating the development of this promising radiation sensitizer, which aims to improve outcomes for cancer patients undergoing radiation therapy.
The public offering involved the sale of 395,574 shares of common stock at $1.525 per share, along with the issuance of pre-funded warrants and common stock purchase warrants. The pre-funded warrants have an exercise price of $0.001 per share and remain exercisable until fully executed. The common warrants, exercisable at $1.40 per share, are valid for five years from the date of issuance. These financial instruments are subject to adjustments in the event of stock dividends or similar activities, and ownership limitations are in place to prevent any single holder from exceeding 4.99% of the outstanding common stock.
Shuttle Pharmaceuticals has also established agreements with investors and placement agencies, including A.G.P./Alliance Global Partners and Boustead Securities, LLC, to facilitate the offering. These agreements include a lock-up period of sixty days for company personnel holding significant shares and restrictions on the issuance of common stock under certain conditions for an extended period.
Ropidoxuridine is an oral halogenated pyrimidine being developed to treat patients with brain tumors and sarcomas. Shuttle Pharmaceuticals also has a pipeline of other preclinical candidates including SP-1-161, an HDAC inhibitor; SP-2-225, a pre-clinical class IIb molecule; and SP-1-303, a pre-clinical selective Class I HDAC for the treatment of ER positive cancers. These compounds are designed to either sensitize cancer cells to radiation or protect normal cells from its harmful effects.
Shuttle Pharmaceuticals, traded on Nasdaq under the ticker SHPH, is dedicated to advancing treatments for cancer patients undergoing radiation therapy, with a focus on improving treatment outcomes and patient well-being. The company's strategic use of the raised capital reflects its commitment to innovation and addressing unmet needs in cancer care.
