Pharmaceutical company focused on radiation therapy treatment Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH) started trading on the Nasdaq Capital Market on Wednesday. The firm is looking to raise US$9.96 million for its initial public offering.
The offering consists of 1,225,888 company units selling at US$8.125 per share, with each unit consisting of one common share and one purchase warrant. Each warrant is exercisable within five years from issuance to acquire one common share at US$0.01 per share.
Boustead Securities acts as the sole bookrunner for the said offering. The underwriters intend to exercise all the warrants upon the closing of the offering.
Net proceeds from the offering are expected to be used approximately US$8.5 million for product development and operational costs and US$1.5 million for drug manufacturing and IND application.
The Maryland-based pharmaceutical company focuses on improving the outcomes of cancer patients treated with radiation therapy while reducing side effects.
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