Shuttle Pharmaceuticals (SHPH) said late Tuesday it has priced its public offering of up to about 3 million shares and warrants to purchase an additional 3 million shares at a combined price of $1.525 per share and accompanying warrant.
Gross proceeds from the offering are estimated to be about $4.5 million.
The warrants will have an exercise price of $1.40 per share, are immediately exercisable and expire five years after issuance.
Proceeds from the offering, which are expected to close around Thursday, will be used to fund trials of its product candidates, including $2.3 million owed to Theradex Systems for support in phase 2 trials of radiation sensitizer Ropidoxuridine, as well as for general corporate purposes.
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