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Shuttle Pharma Announces Closing of $5.75 Million Underwritten Offering

GAITHERSBURG, Md., March 13, 2025 (GLOBE NEWSWIRE) -- Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) ("Shuttle Pharma"), a discovery and development stage specialty pharmaceutical company focused on improving outcomes for cancer patients treated with radiation therapy (RT), announced today the closing of its previously announced underwritten public offering of 19,166,667 shares of its common stock (or pre-funded warrants to purchase common stock in lieu thereof) at a public offering price of $0.30 per share (the "Offering"). The aggregate gross proceeds to Shuttle Pharma from the Offering was approximately $5.75 million, before deducting underwriting discounts and commissions and other offering expenses payable by Shuttle Pharma.

Shuttle Pharma intends to use the net proceeds from the Offering to fund Shuttle Pharma's Phase II clinical trial for its lead product candidate, for marketing and advertising services, and for working capital and general corporate purposes.

The Offering was conducted on a firm commitment basis. WestPark Capital, Inc. acted as the Sole Book-Runner in connection with the Offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-284889), which was declared effective by the Securities and Exchange Commission (the "SEC") on March 7, 2025. The Offering is being made only by means of a written prospectus that forms a part of the registration statement. A final prospectus relating to the Offering has been filed with the SEC and is available on the SEC's website. Copies of the ...