Company: SHPH
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001493152-25-002253
Chunk: 240

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-15
Form: S-1
Chunk 240
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 patients with newly diagnosed IDH-wildtype glioblastoma with unmethylated MGMT promoter. Receipt of the letter allows Shuttle to commence the Phase II study and, as a result, the Company is currently finalizing site enrollment with “first patient, first dose” expected in the coming months.The Phase II clinical trial was also approved by the Institutional Review Board “IRB”
on June 21, 2024.

On August 8, 2024, the Company
entered into a work order (the “Work Order”) with Theradex Systems, Inc., a New Jersey contract research organization (“CRO”)
for purposes of supporting the Company’s Phase II Study of Ropidoxuridine as a Radiation Sensitizing Agent During Radiotherapy in
Patients with Newly Diagnosed IDH-Wildtype Glioblastoma with Unmethylated MGMT Promotor.” As such, Shuttle Pharma is now in the
process of signing up six clinical sites where the clinical studies will be performed – two of which have completed initial site
initiation visits and one of which is ready to enroll patients – and where the CRO will oversee such studies.

Under the terms of the Work
Order, the CRO will oversee the studies for a period of 53 months (the “Term”), including overseeing and monitoring the regulatory
aspects of the Phase II clinical trial, and managing the documentation surrounding the clinical trial in exchange for a fee of approximately
$2.3 million, payable in stages and based upon services performed during the Term of the study.

Rights Offering

Effective February 7, 2024, the Company and its wholly-owned subsidiary, Shuttle Diagnostics, Inc., entered into a securities purchase agreement (the “Purchase Agreement”) with SRO, LLC, a Nevada limited liability company, pursuant to which SRO LLC agreed to commit to purchasing from the Company $ 2,250,000of units from the Company, with each Unit consisting of (i) one share of SHPH common stock, (ii) a warrant to purchase one share of SHPH common stock exercisable at a purchase price of $18.80 per share, and (iii) a percentage of equity interest in Diagnostics such that, assuming the sale of all $2,250,000 of Units, SRO LLC will own a 22% interest in Diagnostics.Pursuant to the terms of the Purchase Agreement, the Units will be sold at a per Unit price equal to 90% of the VW