Shuttle Pharmaceuticals, a Phase 2-ready biotech developing drugs to improve radiation therapy, filed on Friday with the SEC to raise up to $14 million in an initial public offering.
The Rockville, MD-based company plans to raise $14 million by offering 3 million shares (8% secondary) at a price range of $4.50 to $5. At the midpoint of the proposed range, Shuttle Pharmaceuticals would command a fully diluted market value of $67 million.
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
The Rockville, MD-based company was founded in 2012 and plans to list on the Nasdaq under the symbol SHPH. Boustead Securities is the sole bookrunner on the deal.
