Shuttle Pharma rises after $4.3 mln private placement
13/01/2023 18:27
** Shares of oncology-based drug developer Shuttle
Pharmaceuticals Inc SHPH.O rise 22% at $2.1
** Co issued $4.3 mln senior secured convertible note and
warrant to an institutional investor, on Thursday
** Co will receive initial gross proceeds of $4 mln
** The 4-year warrant allows the holder to purchase ~1 mln
shares of SHPH's common shares at an exercise price of
$2.35/shr, a 32.8% premium over stock's last close
** Upon exercise, the warrants would gather additional
proceeds of $2.4 mln- SHPH
** Stock has declined 94.5% since IPO in Aug 2022
(Reporting by Aditya Samal)
((Aditya.Samal@thomsonreuters.com;))