Radiation therapy-focused biotech Shuttle Pharmaceuticals increases valuation ahead of proposed $10 million IPO
August 24, 2022
Shuttle Pharmaceuticals, a Phase 2-ready biotech developing drugs to improve radiation therapy, raised the proposed price and lowered the unit offering for its upcoming IPO on Wednesday. The company also added China-based Valuable Capital as an underwriter on the deal.
The Rockville, MD-based company now plans to raise $10 million by offering 1.2 million units at $8. The company had previously filed to raise the same amount by offering 1.7 million units at $6. Each unit consists of one share of common stock and one warrant, exercisable at $0.01. Before that, the company filed to offer 2.5 million shares at a range of $4.00 to $5.00, down from its original terms of 3 million shares at $4.50 to $5.00.
Because the company plans to offer units with warrants attached, Shuttle Pharmaceuticals will be excluded from Renaissance Capital’s 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 was founded in 2012 and plans to list on the Nasdaq under the symbol SHPH. Boustead Securities and Valuable Capital are the joint bookrunners on the deal.