Shuttle Pharmaceuticals, a Phase 2-ready biotech developing drugs to improve radiation therapy, raised $10 million by offering 1.2 million units at $8.13, as expected. Each unit consists of one share of common stock and one warrant, exercisable at $0.01. The company revised terms several times ahead of pricing, originally planning to offer 3 million shares at a range of $4.50 to $5.00.
Because the company offered units with warrants attached, Shuttle Pharmaceuticals will be excluded from Renaissance Capital's 2022 IPO stats.
Formed by faculty members of the Georgetown University Medical Center, Shuttle Pharmaceuticals is a discovery and development stage specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT). Its sole clinical candidate, Ropidoxuridine (IPdR), is an orally available halogenated pyrimidine with strong cancer radiation sensitizing properties being developed for glioblastoma and sarcoma. The company believes it is positioned to initiate Phase 2 studies with Ropidoxuridine and RT in 2022.
Shuttle Pharmaceuticals plans to list on the Nasdaq under the symbol SHPH. Boustead Securities and Valuable Capital acted as joint bookrunners on the deal.
