Sensitizers from Shuttle Pharmaceuticals’ (NASDAQ:SHPH) are created to answer the critical clinical need to enhance the outcomes of cancer patients receiving radiation therapy while lowering adverse effects.
Shuttle Pharmaceuticals’ (NASDAQ:SHPH)
Shuttle Pharmaceuticals’ (NASDAQ:SHPH) stock, which went public on Wednesday with a $10 million IPO, fell 75% in late-morning trading on Friday after rising 545% in the previous two days.
Shuttle stock hit a low of $12.63 late in the morning after opening at $34.35. At around 11:25 a.m. ET, the stock was recently traded for $13.11, a 75% decrease from Thursday’s close.
On Wednesday, Shuttle issued 1.23 million units at a price of $8.125 each. Each unit contained one share and a warrant to purchase an additional share for $0.01 per share. The stock shot up 373% on its first day on the market, closing at $38.48, and then another 36% on Thursday, closing at $52.40.
Located in Maryland, the company has been developing remedies to improve the efficiency of radiation treatments for cancer.
Read “Shuttle Pharmaceuticals Targets $14 Million IPO for Radiation Therapy Enhancement” by SA contributor Donovan Jones for a more thorough analysis of the company.
With its platform of sensitizers, Shuttle Pharma has access to a variety of product candidates that are intended to address both the urgent clinical need and the present drawbacks of combining “off-label” medications with prospective novel sensitizer agents. The primary clinical sensitizer drug candidate, ripoxuridine, can sensitize quickly proliferating cancer cells, and selective histone deacetylase (HDAC) inhibitors can sensitize cancer cells and activate the immune system. Both standard X-ray and proton radiation therapy, as well as immune therapies, will be evaluated in conjunction with our cutting-edge technology. Ropidoxuridine has already finished a Phase I clinical trial. In preclinical models of solid tumor malignancies, our HDAC inhibitor platform therapeutic candidates have been examined.
For the company’s Nasdaq IPO, Valuable Capital Ltd. served as co-underwriter, and Boustead Securities, LLC served as lead underwriter.
Featured Image – DepositPhoto © Alexraths