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Shuttle Pharmaceuticals plans $35.8M IPO

Shuttle Pharmaceuticals Inc. plans to offer 4.5 million common shares in its IPO at a price of $8 per share.

The company plans to apply to have the common shares listed on the NYSE MKT. It does not plan to consummate the sale of any shares until it has received subscriptions and payment for at least 1,125,000 shares and will maintain subscription proceeds in a segregated account until such time.

Shuttle, a specialty pharmaceutical company founded in 2012, plans to become the first U.S. pharmaceutical company focused on the development and commercialization of innovative first-in-class drugs for sensitizing cancers to and protecting normal tissue from the effects of radiation therapy.

The company estimates that the net proceeds from the IPO will be about $35.8 million if all 4.5 million shares are purchased, after deducting offering expenses. It expects to use the net proceeds to fund preclinical and clinical trials of product candidates, continued histone deacetylase small molecule technology platform development, working capital and general corporate purposes, as well as potential acquisition or in-licensing activities.