Shuttle Pharmaceuticals Holdings has closed a previously announced underwritten public common stock offering, with aggregate gross proceeds of approximately $5.8 million.
The Gaithersburg, MD-based specialty pharmaceutical company offered 19.1 million shares of its common stock at a public offering price of 30¢ per share. WestPark Capital acted as the sole book-runner in connection with the offering.
Net proceeds will fund a phase II clinical trial for Shuttle’s lead product candidate, marketing and advertising services, and working capital and general corporate purposes, according to the firm.