Rockville, Maryland-based Shuttle Pharmaceuticals, founded in 2012 by faculty members of the Georgetown University Medical Center, has raised just shy of $10 million in an initial public offering, and its stock soared in its early hour of trading.
Shuttle Pharmaceuticals trades on the Nasdaq Capital Market under the ticker symbol “SHPH,” and it ended its first session of trading up more than 370%, nearly quadrupling to $38.48 per share. Its trading was halted multiple times due to volatility.
Shuttle Pharmaceuticals is developing treatments for cancer patients undergoing radiation therapy that reduce the side effects of radiation, while maximizing the treatment’s effectiveness.
The radiation sensitizers it is developing may enhance selective cell killing while better protecting normal cells.
Shuttle Pharmaceuticals will use the majority of the proceeds for Phase 2 clinical trials for its leading drug candidate, called Ropidoxuridine, in treatments for glioblastoma, an aggressive brain and spinal cord cancer, and sarcoma, a form of bone and soft tissue cancer.
Shuttle Pharma currently has two lead clinical-stage products and four preclinical products in development.
