Business
Shuttle Pharmaceuticals Provides Fiscal Year 2022 Corporate Update
ROCKVILLE, Md., March 15, 2023 /PRNewswire/ -- Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), a discovery and development stage specialty
About this update from Shuttle Pharmaceuticals Holdings, Inc.
[{"type":"text","content":"ROCKVILLE, Md., March 15, 2023 /PRNewswire/ -- Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), a discovery and development stage specialty pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy (RT), today provided a corporate update in connection with the filing of its Annual Report on Form 10-K for the year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nRecent Highlights\nCompleted an initial public offering (\"IPO\") raising gross proceeds of $11.5 million, inclusive of the overallotment option, listing its common stock on the Nasdaq Capital Market.Closed on private placement of $4.3 Million of Senior Secured Convertible Note and Warrants to purchase 1.018 million shares of common stock in exchange for $4.0 million investment.Entered into agreements with TCG GreenChem, Inc. and UI Pharmaceuticals for drug manufacture and formulation development of Ropidoxuridine, the Company's lead clinical sensitizer drug candidate, for use in the Company's upcoming Phase II clinical trial evaluating Ropidoxuridine in combination with radiation therapy for the treatment of glioblastoma.Engaged Theradex Oncology, a leading clinical research organization, to help prepare for its upcoming clinical study of Ropidoxuridine.Entered into an agreement to lease new laboratory and office space, commencing in June 2023, to assist in furthering the development of the Company's lead drug candidates and accelerate broader diagnostic capabilities on predictive biomarkers.Published manuscripts discussing prostate cancer cell lines derived from African American men for precision medicine and immune responses taking place in patients after radiation therapy for cancer.Awarded patents in the U.S. and Hong Kong for its radiation sensitizing HDAC inhibitor technology platform.Appointed Dr. Bette Jacobs to its Board of Directors as an independent director.Rang the Nasdaq opening bell in January 2023.At December 31, 2022, the Company's Cash balance was $8.4 million. Subsequently, on January 11, 2023, the Company closed on the $4.0 million private placement.\"We continue to execute on the necessary steps to advance Ropidoxuridine, our lead clinical sensitizer drug candidate, towards the commencement of our upcoming Phase II clinical trial in brain cancer patients undergoing radiation therapy with an expect...