Shuttle Pharmaceuticals, a Phase 2-ready biotech developing drugs to improve radiation therapy, lowered the proposed deal size for its upcoming IPO on Friday.
The Rockville, MD-based company now plans to raise $10 million by offering 1.7 million units at $6. Each unit consists of one share of common stock and one warrant, exercisable at $0.01. The company had most recently filed to offer 2.5 million shares at a range of $4 to $5, down from its original terms of 3 million shares at $4.50 to $5. At the revised terms, Shuttle Pharmaceuticals will raise -11% less in proceeds than previously anticipated.
Because the company now plans to offer units with warrants attached, Shuttle Pharmaceuticals will be excluded from Renaissance Capital's IPO stats.
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.
Shuttle Pharmaceuticals was founded in 2012 and plans to list on the Nasdaq under the symbol SHPH. Boustead Securities is the sole bookrunner on the deal.
