GAITHERSBURG, Md. - Shuttle Pharmaceuticals, a specialty pharmaceutical company, has announced the issuance of a new U.S. patent for its selective histone deacetylase (HDAC) inhibitors, which are being developed to enhance cancer treatments. The patent, U.S. Patent No. 12,077,515, was officially granted on September 3, 2024, and is part of the company's strategy to improve outcomes for cancer patients undergoing radiation therapy.
The patent covers a series of selective HDAC inhibitors designed to regulate gene expression involved in cancer progression and immune responses. Shuttle Pharmaceuticals, founded in 2012 by faculty members from Georgetown University Medical Center, is focused on developing drugs that sensitize cancers and protect normal tissues during radiation therapy, with the aim of increasing cancer cure rates and improving patients' quality of life.
CEO Anatoly Dritschilo, MD, expressed excitement over the patent, stating it reflects the company's commitment to addressing unmet medical needs and positions Shuttle Pharma for further advances in its clinical pipeline. The company's proprietary HDAC platform targets molecules with potential therapeutic applications beyond cancer, including autoimmune, inflammatory, metabolic, neurological, and infectious diseases.
Shuttle Pharma now holds over 20 composition of matter HDAC inhibitor patents across the U.S., Canada, and Europe. This expansion of their intellectual property portfolio supports their ongoing efforts to develop novel therapeutics. The company's mission is to enhance the effectiveness of radiation therapy while limiting its side effects.
The information for this article is based on a press release statement from Shuttle Pharmaceuticals. The forward-looking statements in the press release are subject to various important factors, including those discussed in the company's Annual Report and other SEC filings, which could cause actual results to differ materially from those projected.
In other recent news, Shuttle Pharmaceuticals Holdings, Inc. announced a series of significant corporate updates. The company has regained compliance with Nasdaq's Minimum Bid Price Rule, ensuring the continued listing of its shares on the Nasdaq stock market. Additionally, Shuttle Pharmaceuticals has entered into an Amendment Agreement with Alto Opportunity Master Fund, which includes a $600,000 payment as collateral on an outstanding $1.2 million note.
The company's stockholders approved a one-for-eight reverse stock split, and it has revealed plans to restate its financial statements for 2022 and the first quarter of 2024 due to identified accounting errors. This restatement will increase the net loss attributable to common stockholders from $3.1 million to $3.7 million for 2022.
Shuttle Pharmaceuticals has also published research on a new compound, SP-1-303, showing promising results in inhibiting the growth of estrogen receptor positive breast cancer cells. Lastly, the company announced executive team changes, including the appointment of Timothy Lorber as its new Chief Financial Officer, while Michael Vander Hoek, the current CFO, will focus on his role as Vice President of Regulatory. These developments are part of Shuttle Pharmaceuticals' ongoing mission to enhance Radiation Therapy effectiveness for cancer patients.
InvestingPro Insights
As Shuttle Pharmaceuticals (SHPH) forges ahead with its new cancer treatment patent, investors and industry observers are closely monitoring the company's financial health and market performance. According to recent data from InvestingPro, Shuttle Pharmaceuticals holds a market capitalization of $4.98 million. Despite the promising news of the patent issuance, the company has faced challenges, as reflected in its price earnings (P/E) ratio of -0.72 for the last twelve months as of Q1 2024, indicating that the company is not currently profitable.
InvestingPro Tips for Shuttle Pharmaceuticals highlight a mix of financial strengths and concerns. On the positive side, the company holds more cash than debt on its balance sheet, and liquid assets exceed short-term obligations, providing some financial stability. However, the company is quickly burning through cash and has not been profitable over the last twelve months. Additionally, the company's stock has experienced significant volatility, with a notable return of 28.46% over the last week, yet a decline of 42.41% over the last three months, and a more pronounced drop of 62.74% over the last year.
These metrics suggest a complex financial picture for Shuttle Pharmaceuticals. While the company's recent patent may bolster its clinical pipeline and long-term prospects, current investors and potential stakeholders should consider the company's cash burn rate and lack of profitability when evaluating its stock. With Shuttle Pharmaceuticals not paying dividends to shareholders, the focus remains on the company's potential for future growth and the realization of its clinical objectives.
For additional insights and a comprehensive analysis, there are over 10 InvestingPro Tips available, which can help investors make more informed decisions about Shuttle Pharmaceuticals. For those interested in delving deeper, these tips can be accessed through the dedicated InvestingPro page for Shuttle Pharmaceuticals at https://www.investing.com/pro/SHPH.
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