Document:

Exhibit 10.18

 

PROMISSORY NOTE

 

THIS NOTE IS NOT INTENDED TO BE A NEGOTIABLE
INSTRUMENT UNDER THE UNIFORM COMMERCIAL CODE, AND THIS NOTE MAY NOT BE ASSIGNED, PLEDGED, TRANSFERRED OR HYPOTHECATED BY THE LENDER,
EXCEPT AS SET FORTH HEREIN.

 

THIS NOTE WAS ORIGINALLY ISSUED IN A
TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”),
AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM.

 

	$70,000	DATED: August 24, 2019

 

FOR VALUE RECEIVED, the undersigned, Shuttle
Pharmaceuticals Holdings, Inc. (the “Borrower”), HEREBY PROMISES TO PAY to the order of Anatoly Dritschilo (the
“Lender”), on or before August 23, 2020 (the “Maturity Date”) the principal amount of SEVENTY Thousand
dollars ($70,000). The Borrower further promises to pay interest on the unpaid principal amount of this Note at a rate per annum
equal to 7.5% from the date hereof until the Note is paid in full. Interest will be computed on the basis of a 360-day year of
twelve 30-day months for the actual number of days elapsed. (The Maturity Date may also be referred to as the “Payment Date.”)

 

As set forth on Schedule A, repayment
will be made in monthly payments of $6,073.02 over a period of 12 months, starting September 24, 2019, and due on the 24th
of each month thereafter, except for the final payment which shall be paid on or before August 23, 2020. The total interest
owed during the 12-month period will be $2,876.23.

 

Principal and interest due and not paid
on any Payment Date shall bear interest at a rate per annum equal to two (2%) percent in excess of the otherwise applicable rate
hereunder until any such principal and any such interest is paid in full.

 

In the event that (i) the Borrower shall
fail to pay any principal under this Note when due and payable hereunder, and such failure shall continue for a period of five
(5) days after receipt by Borrower of written notice by the Lender thereof; or (ii) the Borrower shall fail to pay any interest
or any other amount under this Note when due and payable hereunder, and such failure shall continue for a period of five (5) days
after receipt by Borrower of written notice by the Lender thereof; or (iii) a receiver, trustee or other similar official shall
be appointed over the Borrower or a material part of its assets and such appointment shall remain uncontested for twenty (20) days
or shall not be dismissed or discharged within sixty (60) days; or (iv) the Borrower shall become insolvent or generally fails
to pay, or admits in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any; or
(v) the Borrower shall make a general assignment for the benefit of creditors; or (vi) the Borrower shall file a petition for relief
under any bankruptcy, insolvency or similar law (domestic or foreign); or (vii) an involuntary proceeding shall be commenced or
filed against the Borrower under any bankruptcy, insolvency or similar law (domestic or foreign) and such petition shall not be
dismissed within sixty (60) days after commencement or filing (each event specified in clauses (i) through (vii) above, an “Event
of Default”); then, in the case of any of the events specified in clauses (iii), (iv), (vi), (vi) or (vii), the outstanding
principal amount under this Note, together with accrued and unpaid interest thereon, and all other amounts payable by Borrower
under this Note shall become immediately due and payable without any action on the part of the Lender, and in the case of any of
the other events specified above, the Lender may by written notice to the Borrower declare the outstanding principal amount under
this Note, together with accrued and unpaid interest thereon, and all other amounts payable by Borrower under this Note to be immediately
due and payable, whereupon the same shall become immediately due and payable, and, except for the notices specified in this sentence,
Borrower waives demand, presentment, protest, notice of protest, dishonor, notice of dishonor or any other notice of any kind.
Any notice specified in this paragraph by Lender to Borrower of the occurrence of a failure to pay or other default must be delivered
as specified below and must clearly specify that it is a notice of default under this paragraph.

 

No delay on the part of Lender in exercise
of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by Lender of any right,
power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. No waiver of,
or consent with respect to, any provision of this Note shall in any event be effective unless the same shall be in writing and
signed and delivered by Lender, and then any such waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

 

     

     

    

 

Unless otherwise agreed by the Lender and
the Borrower, both principal and interest hereunder are payable to the Lender at the following address:

 

Anatoly Dritschilo

8101 Fenway Road

Bethesda, MD 20817

 

in immediately available funds on the Payment
Date, in the lawful currency of the United States of America. Whenever any payment to be made hereunder shall be due on a Saturday,
Sunday or public or bank holiday in New York City (any other day being a “Business Day”), such payment shall be made
on the next succeeding Business Day, and such extension of time shall be included in the computation of interest payable.

 

The Borrower has the right at any time
on or before August 23, 2020, upon five Business Days’ written notice to the Lender, to prepay in whole or in part the principal
amount hereof, without premium or penalty, provided that the Borrower shall pay accrued interest on the principal so prepaid to
the date of such prepayment, and provided further that the Borrower shall reimburse the Lender for any reasonable costs or other
losses which the Lender may sustain as a result of such prepayment being made on a date that is not a Payment Date. Prior to reimbursement,
the Lender shall provide the Borrower with a certificate setting forth all of the costs or losses required to be reimbursed and
setting forth the method used to calculate such costs or losses. Any amounts so prepaid may not be reborrowed hereunder.

 

Neither the Lender nor the Borrower shall
have the right to assign its rights and obligations under this Note without the prior written consent of the other party.

 

Notices, confirmations and demands hereunder
shall be in writing and will be sufficient if delivered by hand, by first class mail or nationally recognized courier service postage
prepaid, or by tested cable, or facsimile transmission, at the following addresses, or to such other address as the recipient shall
have designated to the sender by written notice hereunder.

 

If to the Borrower:

 

Shuttle Pharmaceuticals Holdings, Inc.

One Research Court, Suite 450

Rockville, MD 20850

Attn: Anatoly Dritschilo, M.D.

 

If to the Lender:

 

Anatoly Dritschilo, MD

8101 Fenway Road

Bethesda, MD 20817

 

Notwithstanding anything contained in this
Note to the contrary, no interest shall accrue under this Note at a rate in excess of the highest applicable rate permitted by
law, and the payment of any interest (including any charge or fee held by the a court to be interest) in excess of such rate shall
constitute a payment of and be applied to principal.

 

    2

     

    

 

WITHOUT WAIVING ANY RIGHTS GIVEN TO THE
LENDER HEREUNDER, IT IS UNDERSTOOD AND AGREED THAT THE PROVISIONS OF THE SECURITIES INVESTOR PROTECTION ACT OF 1970 MAY NOT PROTECT
LENDER WITH RESPECT TO THIS NOTE AND THAT, THEREFORE, THE COLLATERAL, IF ANY, SECURING THIS NOTE MAY CONSTITUTE THE ONLY SOURCE
OF SATISFACTION OF THE OBLIGATIONS OF THE BORROWER HEREUNDER.

 

This Note shall be governed by and construed
in accordance with the laws of the State of Maryland applicable to contracts made and to be performed entirely within such State.
Any judicial proceeding brought to enforce this Note may only be brought in a federal or Maryland State court located in the County
of Montgomery, State of Maryland. Each party to this Note waives any objection to jurisdiction of and venue in such courts in any
action instituted hereunder and shall not assert any defense based on lack of jurisdiction of or improper venue in any such court
or based upon forum non conveniens.

 

THE BORROWER HEREBY WAIVES ANY RIGHT TO
TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING UNDER OR RELATED TO THIS NOTE.

 

	 	SHUTTLE PHARMACEUTICALS HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Anatoly
    Dritschilo, MD
	 	 	Anatoly Dritschilo
	 	 	Chairman and Chief Executive Officer
	 	 	 
	 	Acknowledged and agreed:
	 	 
	 	ANATOLY DRITSCHILO
	 	 
	 	 	/s/ Anatoly Dritschilo
	 	 	Anatoly Dritschilo

 

    3

     

    

 

SCHEDULE A

 

	Interest 
 Rate	 	 	Date 
 Issued	 	Maturity 
 Date	 	Pmt Date	 	Balance	 	 	Payment	 	 	Interest	 	 	Prin	 
	 	7.50	%	 	6/24/2019	 	9/23/2020	 	9/24/2019	 	$	70,000	 	 	$	6,073.02	 	 	$	437.50	 	 	$	5,635.52	 
	 	 	 	 	 	 	 	 	10/24/2019	 	$	64,364	 	 	$	6,073.02	 	 	$	402.28	 	 	$	5,670.74	 
	 	 	 	 	 	 	 	 	11/24/2019	 	$	58,694	 	 	$	6,073.02	 	 	$	366.84	 	 	$	5,706.18	 
	 	 	 	 	 	 	 	 	12/24/2019	 	$	52,988	 	 	$	6,073.02	 	 	$	331.17	 	 	$	5,741.85	 
	 	 	 	 	 	 	 	 	1/24/2019	 	$	47,246	 	 	$	6,073.02	 	 	$	295.29	 	 	$	5,777.73	 
	 	 	 	 	 	 	 	 	2/24/2019	 	$	41,468	 	 	$	6,073.02	 	 	$	259.17	 	 	$	5,813.85	 
	 	 	 	 	 	 	 	 	3/24/2020	 	$	35,654	 	 	$	6,073.02	 	 	$	222.84	 	 	$	5,850.18	 
	 	 	 	 	 	 	 	 	4/24/2020	 	$	29,804	 	 	$	6,073.02	 	 	$	186.27	 	 	$	5,886.75	 
	 	 	 	 	 	 	 	 	5/24/2020	 	$	23,917	 	 	$	6,073.02	 	 	$	149.48	 	 	$	5,923.54	 
	 	 	 	 	 	 	 	 	6/24/2020	 	$	17,994	 	 	$	6,073.02	 	 	$	112.46	 	 	$	5,960.56	 
	 	 	 	 	 	 	 	 	7/24/2020	 	$	12,033	 	 	$	6,073.02	 	 	$	75.21	 	 	$	5,997.81	 
	 	 	 	 	 	 	 	 	8/24/2020	 	$	6,035	 	 	$	6,073.02	 	 	$	37.72	 	 	$	6,035.30	 
	 	 	 	 	 	 	 	 	 	 	$	(0	)	 	 	 	 	 	$	2,876.23	 	 	$	70,000	 

 

 

4Exhibit 10.19

 

 

 

Christopher I. Halliday.

Partner

+1.215.963.5337

christopher.halliday@morganlewis.com

 

September [    ], 2019

 

IP Opinion

 

Dear Sir or Madam:

 

We have acted as intellectual property
counsel to Shuttle Pharmaceuticals, Inc., (the “Company”) with respect to the U.S. patents and U.S.
patent applications and PCT applications owned or co-owned by the Company that were or are being prosecuted by us on behalf of
the Company, as listed in Exhibit A (the “Company Patents”), and the in-licensed U.S. patent, as listed
in Exhibit B (the “Licensed Patent”) (collectively referred to herein as the “Patent Matters”).
We are rendering this opinion in connection with the sale by the Company of             shares
of its common stock pursuant to the Underwriting Agreement dated           ,
(the “Agreement”), by and among the Company and the underwriters listed on Schedule          thereto
(the “Underwriters”). Except as otherwise defined herein, capitalized terms used have the respective
meanings given to them in the Agreement.

 

In connection with this opinion, unless
stated otherwise herein, we have limited our review to the following documents: (i) the chain of title of the Patent Matters, (ii)
our prosecution files pertaining to the Company Patents, and (iii) freedom to operate search conducted by Science IP as shown in
Exhibit C.

 

As to certain factual matters, we have
relied upon a certificate of an officer of the Company and have not sought independently to verify such matters. Where we render
an opinion “to our knowledge” or concerning an item “known to us” or our opinion otherwise refers to our
knowledge, it is based solely upon (i) an inquiry of attorneys currently with this firm who have directly performed substantive
legal services for the Company in connection with the prosecution of the Company Patents, (ii) receipt of a certificate executed
by an officer of the Company covering such matters and (iii) such other investigation, if any, that we specifically set forth herein.
We have conducted no further investigation.

 

	 	Morgan, Lewis & Bockius llp
	 	 	 
	 	1701 Market Street	 
	 	Philadelphia, PA  19103-2921	 +1.215.963.5000
	 	United States	 +1.215.963.5001

 

     

     

    

 

With regard to our opinion in paragraph
(ii) below, we have relied on the results of searches of the records of the USPTO relevant to the ownership of the U.S. Patents
and Applications, which searches were conducted on or about August XX, 2019. On the basis of the foregoing, in reliance thereon
and subject to the limitations and qualifications set forth herein, it is our opinion that to our knowledge:

 

		i.	Exhibit A attached hereto sets forth an accurate list of the Company Patents for which we have acted as intellectual property
counsel to the Company;

 

		ii.	The Company is, according to the records of the USPTO, the sole assignee of record of the Company
Patents except U.S. patent application no.: 15/512,496, which is co-owned by the Company. The Licensor is, according to the records
of the USPTO, the sole assignee of record of the Licensed Patent. To our knowledge, there are no pending or threatened claims by
a third party to any inventorship interest or ownership interest adverse to that of the Company in any of the Company Patents;

 

		iii.	To our knowledge, with the exception of the USPTO’s review of pending patent applications
in connection with the prosecution of such patent applications in the ordinary course, there is no post-grant proceeding, supplemental
examination, derivation, inter partes review, interference, opposition, reissue, reexamination or other claim pending or
overtly threatened in the United States challenging the rights of the Company in or to, or challenging the validity, enforceability
or scope of, any of the Company Patents;

 

		iv.	To our knowledge, while there can be no assurance that any of the U.S. Applications will issue
as a patent, no information known to us to be “material to patentability” (as such term is defined in 37 C.F.R. §
1.56) has been withheld by us with intention to deceive the USPTO in connection with the prosecution of the Company Patents.

 

		v.	To our knowledge, the Company has not received any claim of infringement of any United States patent
held by any third party.

 

		vi.	Based on searches using the patent number of the Patent Matters listed herein as a search inquiry
or the Company name as a party in Docket Navigator litigation database (www.docketnavigator.com) as well as confirmation given
by the Company, there are no disputes in respect of US patents listed in this opinion in the United Stated Federal District Courts,
Patent Trial and Appeal Board of the United States Patent and Trademark Office, The United States International Trade Commission,
and the United States Court of Appeals for the Federal Circuit.

 

		vii.	We commissioned an independent search firm Science IP to conduct a freedom-to-operate (FTO) search
of the published U.S. patents and applications and PCT applications in September 2018. After reviewing the search results, none
of the issued patents or pending claims of the published patent applications we reviewed should pose a barrier to the manufacture,
use, or sale of 1) IPdR (5-iodo-2-pyrimidinone-2’-deoxyribose) as a radiosensitizer for cancer therapy, 2) formulations comprising
IPdR and thymidines phosphorylase inhibitors (TPI), 3) SP-1-161, 4) doranidazole, and 5) SP-2-225 in the United States. Review
summary is attached as Exhibit C. Our conclusion was solely based on the FTO search conducted in September 2018 and we cannot guarantee
that no no changes of claim scope have occurred or that no continuations have been filed in the intervening time.

 

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This letter is furnished, as of the date
hereof, only to you in your capacity as the Buyer under the Agreement and is solely for your benefit in connection with the transaction
of the Agreement. We assume no obligation to update such opinion to reflect any facts or circumstances which may hereinafter come
to our attention or any changes in the law which may hereafter occur. This letter may not be relied upon by you for any other purpose,
or furnished to, assigned to, quoted to, or relied upon by any other person, firm or other entity for any purpose (including any
person, firm or other entity that acquires the shares from you) without our prior written consent, which may be granted or withheld
in our sole discretion.

 

This letter is limited to the matters expressly
set forth in this letter, and no opinion has been implied, or may be inferred, beyond the matters expressly stated. This letter
speaks only as to law and facts in effect or existing as of the date hereof and we undertake no obligation or responsibility to
update or supplement this letter to reflect any facts or circumstances that may hereafter come to our attention or any changes
in any law that may hereafter occur.

 

Sincerely,

 

	MORGAN, LEWIS & BOCKIUS, LLP	 

 

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Exhibit A

 

	Internal ID	 	Title	 	Application No.	 	Application Date	 	Patent No.	 	Patent Date
	 	 	 	 	 	 	 	 	 	 	 
	105441-5001-WO	 	Dual Function Molecules For Histone Deacetylase Inhibition And Ataxia Telangiectasia Mutated Activation And Methods Of Use Thereof	 	PCT/US2016/020573	 	03-Mar-2016	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5001-US	 	Dual Function Molecules For Histone Deacetylase Inhibition And Ataxia Telangiectasia Mutated Activation And Methods Of Use Thereof	 	14/636,736	 	03-Mar-2015	 	9,809,539	 	07-Nov-2017
	 	 	 	 	 	 	 	 	 	 	 
	105441-5001-US- 01	 	Dual Function Molecules For Histone Deacetylase Inhibition And Ataxia Telangiectasia Mutated Activation And Methods Of Use Thereof	 	15/555,386	 	01-Sep-2017	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5001-US-02	 	Dual Function Molecules For Histone Deacetylase Inhibition And Ataxia Telangiectasia Mutated Activation And Methods Of Use Thereof	 	15/804,746	 	06-Nov-2017	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5002-WO	 	Method And Compositions For Cancer Therapies That Include Delivery Of Halogenated Thymidines And Thymidine Phosphorylase Inhibitors In Combination With Radiation	 	PCT/US2018/012914	 	09-Jan-2018	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5002-US	 	Method And Compositions For Cancer Therapies That Include Delivery Of Halogenated Thymidines And Thymidines Phosphorylase Inhibitors In Combination With Radiation	 	16/475,999	 	03-Jul-2019	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5003-WO	 	Personalized Methods For Treating Disease By Radiosensitization	 	PCT/US2015/050860	 	18-Sept-2015	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5003-US	 	Personalized Methods For Treating Disease By Radiosensitization	 	15/512,496	 	17-Mar-2017	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5004-WO	 	Selective Histone Deacetylase Inhibitors For The Treatment Of Human Disease	 	PCT/US2018/012971	 	09-Jan-2018	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5004-US	 	Selective Histone Deacetylase Inhibitors For The Treatment Of Human Disease	 	16/476,006	 	03-Jul-2019	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	105441-5005-WO	 	Selective Histone Deacetylase Inhibitors For The Treatment Of Human Disease	 	PCT/US2019/012770	 	08-Jan-2019	 	 	 	 

 

    4 of 6

     

    

 

Exhibit B

 

	Title	 	Application No.	 	PCT Application Date	 	Patent No.	 	Patent Date
	 	 	 	 	 	 	 	 	 
	Method For Producing 2-Nitroimidazole Derivative	 	12/522,926	 	17-Jan-2008	 	8,030,338	 	4-Oct-2011
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	13/365,785	 	16-April-2008	 	8,202,898	 	19-Jun-2012
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	12/598,044	 	16-April-2008	 	8,258,165	 	4-Sep-2012
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	13/365,723	 	16-April-2008	 	8,258,166	 	4-Sep-2012
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	13/362,545	 	17-Jan-2008	 	8,420,687	 	16-Apr-2013
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	13/362,527	 	17-Jan-2008	 	8,450,356	 	28-May-2013
	 	 	 	 	 	 	 	 	 
	Pharmaceutical Composition	 	12/523,067	 	17-Jan-2008	 	8,541,459	 	24-Sep-2013

 

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Exhibit C

 

	FTO Analysis	 	Search Query	 	Notes
	 	 	 	 	 
	Use of IPdR as a radiosensitizer for cancer therapy	 	
        QUE (1(W) 2(W) DEOXY(W) (ALPHA OR BETA)(W) D(W) (ERYTHRO(W)
        PENTOFURANOSYL OR RIBOFURANOSYL)(W) 5(W) IODO(W) 2(1W) PYRIMIDINONE OR IPDR OR IODO(1W) PYRIMIDINONE(1W) DEOXYRIBOSE OR IODOPYRIMIDINONEDEOXYRIBOSE
        OR ROPIDOXURIDINE)

         

        L4       QUE (RADIOSENSI? OR RADIO(W)SENSI? OR RADIOTHERAP?
        OR RADIOCHEMOTHERAP? OR CHEMORADIOTHERAP? OR (RADIATION OR RADIO OR RADIONUCL?)(5A) THERAP?)
	 	No FTO issue identified
	 	 	 	 	 
	Formulations comprising IPdR and TPI	 	
        QUE (1(W) 2(W) DEOXY(W) (ALPHA OR

        BETA)(W) D(W) (ERYTHRO(W) PENTOFURANOSYL OR RIBOFURANOSYL)(W)
        5(W) IODO(W) 2(1W) PYRIMIDINONE OR IPDR OR IODO(1W) PYRIMIDINON E(1W) DEOXYRIBOSE OR IODOPYRIMIDINONEDEOXYRIBOSE OR ROPIDOXURID
        INE)

        L4 QUE ((THYMIDINE(W) PHOSPHORYLASE OR THYMIDYLATE(W) SYNTHETASE)(5A)
        (ANTAGON? OR ANTI(W)AGONIS? OR ANTIAGON? OR INHIBIT OR INHIBITED OR INHIBITING OR INHIBITOR OR MODULATE OR MODULATED OR MODULATING
        OR MODULATOR)) L5 QUE (TIPIRACIL OR LONSURF OR MA(W) 1 OR MA1 OR TPI OR TAS(W)1(W)462 OR TAS1(W)462 OR TAS(W)102 OR TAS102) L6
        QUE (“5 CHLORO 6 2 IMINO 1 PYRROLIDINYL METHYL 2 4 1H 3H PYRIMIDINEDIONE” OR “5 CHLORO 6 2 IMINO 1 PYRROLIDINYL
        METHYL 2 4 PYRIMIDINEDIONE”)
	 	No FTO issue identified
	 	 	 	 	 
	SP-1-161	 		 	No FTO issue identified.
	 	 	 	 	 
	SP-2-225	 		 	No FTO issue identified.
	 	 	 	 	 
	Doranidazole	 		 	No FTO issue identified 

 

 

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