Shuttle Pharma prices $5.75 million underwritten offering at $0.30 per share

Shuttle Pharmaceuticals Holdings, Inc. announced on March 12, 2025 the pricing of an underwritten public offering of 19,166,667 shares of common stock, or pre-funded warrants to buy common stock in place of shares, at a public offering price of $0.30 per share. The press release was filed with the SEC on March 13, 2025 as Exhibit 99.1 to a Form 8-K. It says gross proceeds are expected to be approximately $5.75 million before underwriting discounts, commissions and other estimated offering expenses. The offering is expected to close on March 13, 2025, subject to customary closing conditions.

Who is running the deal

WestPark Capital, Inc. acted as sole book-runner. The release says the offering is conducted on a firm commitment basis, which means the underwriter has agreed to buy the full offering. The release does not name any co-manager or other underwriter, and it does not state the underwriting discount or commission. It also does not name a placement agent or legal counsel.

The securities are offered under a registration statement on Form S-1, File No. 333-284889, which the SEC declared effective on March 7, 2025. Copies of the final prospectus are to be available from WestPark Capital, and the final prospectus will be filed with the SEC.

Use of the money

The release says Shuttle intends to use the net proceeds to fund a Phase II clinical trial for its lead product candidate, for marketing and advertising services, and for working capital and general corporate purposes. It gives no budget for any of those uses and does not say how the net proceeds would be divided among them.

The release describes Shuttle Pharma as a discovery and development stage specialty pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy. It says the company was founded in 2012 by faculty members of Georgetown University Medical Center. The company's annual report, filed February 26, 2025, uses a different description, calling the company a clinical stage pharmaceutical company.

The lead drug

The annual report names Ropidoxuridine as a Phase II clinical-stage radiation sensitizer. In January 2024 the company received a Safe to Proceed letter from the U.S. Food and Drug Administration for an investigational new drug application covering a Phase II study of Ropidoxuridine as a radiation sensitizer during radiotherapy. The study is for patients with newly diagnosed IDH-wildtype glioblastoma with an unmethylated MGMT promoter. The FDA also granted orphan designation for Ropidoxuridine for brain cancer.

The report describes other candidates as well: a platform of HDAC inhibitors, SP-1-161, SP-2-225 and SP-1-303, and two preclinical prostate cancer diagnostics. The PC-RAD Test is described as a blood test meant to predict clinical response to radiation therapy, and the PSMA-B ligand as a possible theranostic agent. The report says management's expertise will help drive development and, if approved, commercialization of these therapies, which it calls potentially curative. It adds that the FDA recommended a randomized dose optimization step for the Phase II study, that the company agreed, and that the company has commenced the study. The business section does not present efficacy results for any of the candidates.

What the release leaves out

The release gives the offering's price and size, but it contains no cash balance and no financial results. It does not put a timeline on the Phase II trial, and it does not say when the offering's proceeds are expected to run out. It also does not describe the exercise price of the pre-funded warrants, which are offered in place of shares.

Report an error

Companies in this story

SHPHShuttle Pharmaceuticals Holdings, Inc.NASDAQ · United StatesOpen the starter desk