Shuttle Pharmaceuticals Amends Agreement with Alto Fund

Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH), currently trading at $0.60 with a market capitalization of $2.2 million, has entered into an amendment agreement with Alto Opportunity (SO:FTCE11B) Master Fund, SPC – Segregated Master Portfolio B, the company disclosed in a recent SEC filing. According to InvestingPro data, the company faces significant financial challenges with a concerning current ratio of 0.22, indicating its short-term obligations exceed liquid assets. The amendment, dated February 26, 2025, modifies the terms of a prior Securities Purchase Agreement and related warrants and notes.

The amendment follows the original Securities Purchase Agreement from January 11, 2023, which had been amended multiple times throughout 2023 and 2024. As per the latest amendment, Shuttle Pharmaceuticals has agreed to pay $75,000 to Alto Fund in exchange for two significant concessions from the latter.

Firstly, Alto Fund has waived its right to purchase up to $10 million in Additional Notes and Additional Warrants, which was an option available to them under the May 10, 2023 amendment. Secondly, Alto Fund has agreed to a one-time waiver of its right to participate in Shuttle Pharmaceuticals’ upcoming registered securities offering, as detailed in the company’s Form S-1 registration statement filed on February 13, 2025.

This agreement appears to simplify Shuttle Pharmaceuticals’ capital structure and could potentially ease the path for the company’s planned securities offering. The terms of the amendment are detailed in the Exhibit 10.1 of the SEC filing, which provides the full text of the Amendment Agreement for reference.

The agreement comes at a time when Shuttle Pharmaceuticals, a Delaware-based company specializing in pharmaceutical preparations, is preparing to expand its financial base. The company’s business address is in Gaithersburg, MD, and it operates under the ticker symbol SHPH on the Nasdaq Stock Market. With an EBITDA of -$7.2 million in the last twelve months, InvestingPro analysis reveals the company is quickly burning through cash. Investors can access 10 additional key insights and detailed financial metrics through InvestingPro’s comprehensive analysis platform. The company’s next earnings report is scheduled for March 25, 2025.

The information in this article is based on Shuttle Pharmaceuticals Holdings, Inc.’s SEC filing and is intended to provide investors with a clear understanding of the company’s recent financial arrangements. It is important to note that the details provided are factual and based on the press release statement without any speculative or promotional content.

In other recent news, Shuttle Pharmaceuticals Holdings, Inc. has reported significant progress in its Phase 2 clinical trial for Ropidoxuridine, a treatment aimed at improving radiation therapy for glioblastoma patients. The company announced that 40% of the initial randomized portion of the trial has been completed, with 16 out of a planned 40 patients enrolled. This trial, conducted at renowned cancer centers such as Georgetown University Medical (TASE:BLWV) Center and Miami Cancer Institute, is part of Shuttle Pharma’s broader efforts to enhance cancer treatment effectiveness. Additionally, the company has expanded the trial’s scope by amending its agreement with Theradex Systems, Inc., increasing the number of sites from four to six and adding a replacement patient.

In another development, Shuttle Pharmaceuticals’ Diagnostics subsidiary has entered into a research agreement with the University of California, San Francisco to develop a ligand for prostate-specific membrane antigen (PSMA), which could have both diagnostic and therapeutic applications. The company also filed an 8-K with the SEC detailing budget adjustments for the trial expansion, reflecting increased site monitoring and regulatory visits. Shuttle Pharma’s CEO, Dr. Anatoly Dritschilo, highlighted the company’s ongoing commitment to advancing its research in oncology and improving cancer cure rates. Furthermore, the company has launched a new corporate website to better showcase its dual focus on cancer therapeutics and diagnostics.

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