Rockville biotech Shuttle Pharmaceuticals Holdings Inc. is looking to raise up to $15 million in an initial public offering — more than five years after first signaling its intent to go public, then tabling those plans.
The company, which is developing treatments to make radiation more effective and less harmful for cancer patients, plans to trade publicly on the Nasdaq Capital Market under the symbol “SHPH,” according to an amended June 23 filing with the Securities and Exchange Commission.
Shuttle Pharma plans to offer 3 million shares of common stock, including 2.75 million sold by the company and 250,000 sold by certain stockholders, according to the prospectus, which also indicates a 45-day option for the underwriter to buy up to 450,000 additional shares of common stock.
The company has not yet stated a date for the public offering, but said it estimates an IPO price of between $4.50 and $5 per share. That means the IPO could generate between $13.5 million and $15 million,…
Read the full story from the Washington Business Journal.
