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GAITHERSBURG, Md. - Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), a development-stage pharmaceutical company with a market capitalization of $1.58 million, has secured $4.25 million in funding through a private placement agreement with an accredited investor, according to a press release statement issued Friday. InvestingPro data shows the company maintains a healthy balance sheet with more cash than debt.
The cancer-focused pharmaceutical company will issue 1,180,877 shares of common stock or pre-funded warrants at a purchase price of $3.60 per share, close to the current trading price of $3.72. The price was set at-the-market under Nasdaq rules. The stock has shown recent signs of recovery with an 8.4% gain over the past week, though InvestingPro analysis indicates significant volatility with the stock trading well below its 52-week high of $107.40.
The transaction is expected to close on or about June 23, 2025, subject to customary closing conditions. WestPark Capital, Inc. is serving as the exclusive placement agent for the offering.
Shuttle Pharmaceuticals indicated it plans to use the proceeds for potential acquisitions, marketing, and general corporate purposes. The company focuses on developing therapies to improve outcomes for cancer patients treated with radiation therapy.
The securities being offered have not been registered under the Securities Act of 1933 and were offered only to accredited investors. The company has agreed to file registration statements with the SEC covering the resale of the shares.
Additional details of the transaction will be available in a Form 8-K to be filed with the Securities and Exchange Commission.
Shuttle Pharmaceuticals is a discovery and development stage specialty pharmaceutical company working on radiation sensitizers aimed at increasing cancer cure rates when used alongside radiation therapy. The company maintains a strong liquidity position with a current ratio of 2.78, though it remains unprofitable over the last twelve months. For more detailed financial insights and additional ProTips, visit InvestingPro.
In other recent news, Shuttle Pharmaceuticals Holdings, Inc. announced a proposed 25-for-1 reverse stock split to maintain compliance with Nasdaq’s listing requirements. The reverse split, pending Nasdaq approval, aims to reduce the company’s outstanding shares from approximately 26.2 million to about 1.05 million. Additionally, the company has appointed George Scorsis as the new Chairman of its Board of Directors, bringing over two decades of leadership experience to the role. Shuttle Pharmaceuticals has also reported significant progress in its Phase 2 clinical trial for Ropidoxuridine, a drug for glioblastoma, with nearly 50% enrollment and promising tolerance levels. Furthermore, the company has filed a provisional patent for an innovative prostate cancer therapy, highlighting its ongoing commitment to enhancing cancer treatment. In another strategic move, Shuttle Pharmaceuticals has signed a consulting agreement with Bowery Consulting Group Inc. to enhance its business strategies and explore prospective partnerships. This agreement includes research and analysis to improve the company’s market messaging and growth strategies. These developments reflect Shuttle Pharmaceuticals’ efforts to strengthen its operations and expand its pipeline of cancer treatment solutions.
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