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GAITHERSBURG, Md. - Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH), a specialty pharmaceutical company currently valued at $2.5 million, has announced the filing of a provisional patent application with the United States Patent and Trademark Office (USPTO) for an innovative prostate cancer therapy. According to InvestingPro data, while the company maintains a healthy cash position relative to its debt, its overall financial health score indicates challenges ahead. The patent, titled "PSMA-Targeted PARP Inhibitor Conjugates for Precision Cancer Therapy," represents a significant development in the company's diagnostic and therapeutic programs.
The new theranostic molecule is designed to target prostate cancer cells, enhancing the effects of radiation and chemotherapy. The patent application is a result of Shuttle Pharma's collaboration with Dr. Alan Kozikowski, a renowned medicinal chemist known for his discovery of a critical PSMA targeting ligand used in clinical applications.
Shuttle Diagnostics, a subsidiary of Shuttle Pharma, is developing diagnostic blood tests for prostate cancer, including the PSMA-B ligand and the PC-Rad test, which predicts outcomes following radiation therapy. These tests aim to provide predictive success rates for specific treatments, a capability currently not available on the market.
Dr. Anatoly Dritschilo, Chairman and Chief Scientific Officer of Shuttle Pharma, expressed optimism about the potential of PSMA ligands in prostate cancer diagnosis and treatment. The company's scientists have focused on discovering novel PSMA ligands for targeting prostate cancer cells preferentially.
Prostate cancer, which affects 1 in 8 men during their lifetimes, can be managed with surgery or radiation therapy if detected early. However, treatments for metastatic prostate cancers are limited by the toxicities of cytotoxic agents. The discovery of a peptide PSMA ligand has spurred the development of targeted diagnostic and therapeutic agents.
The Global PSMA PET Imaging Market was valued at $1.5 billion in 2022 and is projected to reach $2.0 billion by 2030. Pluvitco®, a targeted treatment for PSMA-positive metastatic prostate cancer, is expected to capture a market size of $2 billion. Despite the market potential, Shuttle's stock has faced significant headwinds, with InvestingPro showing a 53% decline year-to-date and currently trading at $0.41 per share.
Shuttle Pharmaceuticals, founded in 2012 by Georgetown University Medical Center faculty members, is dedicated to improving cancer treatment outcomes through radiation therapy. By developing radiation sensitizers, the company aims to enhance cancer cure rates and patient quality of life. With a current ratio of 1.44, the company maintains adequate liquidity for its operations. InvestingPro subscribers have access to 8 additional key insights about Shuttle Pharmaceuticals' financial health and market position, helping investors make more informed decisions about this emerging biotech company.
This news is based on a press release statement from Shuttle Pharmaceuticals Holdings, Inc., and does not include any forward-looking statements or projections beyond the facts presented.
In other recent news, Shuttle Pharmaceuticals Holdings, Inc. announced a public offering of its common stock, aiming to raise approximately $5.75 million. The proceeds are intended to fund Phase II clinical trials for its lead product candidate, along with marketing and general corporate purposes. Additionally, the company has made progress in its Phase 2 clinical trial of Ropidoxuridine for glioblastoma, with 40% of the initial randomized portion completed. Shuttle Pharmaceuticals also signed a consulting agreement with Bowery Consulting Group Inc. to enhance its business strategies and operational scaling. The company has appointed Christopher Cooper as interim Co-Chief Executive Officer, joining Dr. Anatoly Dritschilo in leading scientific and clinical trial activities. Shuttle Pharmaceuticals has amended an agreement with Alto Opportunity Master Fund, simplifying its capital structure by waiving certain rights of Alto Fund. Furthermore, the company's Diagnostics subsidiary has entered into a research agreement with the University of California, San Francisco, to develop a ligand for prostate-specific membrane antigen. These developments reflect Shuttle Pharmaceuticals' ongoing efforts to advance cancer treatment and improve business operations.
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