Shuttle Pharmaceuticals (NASDAQ:SHPH) priced a public offering with a health-care focused institutional investor for the purchase and sale of up to ~2.95M shares and warrants to purchase up to ~2.95M shares at a combined offering price of $1.525 per share and accompanying warrant.
The aggregate gross proceeds of approximately $4.5M and assuming no exercise of the warrants. The warrants will have an exercise price of $1.40 per share.
The closing of the offering is expected to occur on or about October 31, 2024.
Net proceeds will be used to fund IND-enabling and Phase I and II clinical trials of product candidates, including $2.3M in payments that will be owed to Theradex Systems.
The stock price dropped 5.6% on Tuesday during after hours of trading.