GAITHERSBURG, Md. - Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ: SHPH), a specialty pharmaceutical company known as Shuttle Pharma, has announced significant progress in its mission to enhance cancer treatment outcomes.
The company recently received FDA approval to proceed with a Phase 2 Clinical Trial for Ropidoxuridine, aimed at treating glioblastoma, an aggressive brain cancer currently without a cure. Shuttle Pharma expects to administer the first dose to a patient in the upcoming second quarter of 2024.
In addition to the clinical trial advancements, Shuttle Pharma has established Shuttle Diagnostics, Inc., a subsidiary dedicated to developing diagnostic technologies and conducting multi-institutional clinical trials. This move is part of the company's strategy to create predictive diagnostic tests, particularly for prostate cancer patients considering elective radiation therapy.
The company has also secured exclusive rights to intellectual property from Georgetown University, which will support its predictive biomarker program. Another exclusive license was obtained for research into diagnostic and therapeutic approaches for metastatic prostate cancer.
Shuttle Pharma's financial status was disclosed, with a reported cash balance of $5.5 million as of December 31, 2023. The company also announced plans for a Rights Offering, aiming to raise up to $4.5 million to further develop Shuttle Diagnostics, Inc.
Anatoly Dritschilo, M.D., CEO of Shuttle Pharma, highlighted the importance of the upcoming Phase 2 clinical trial for Ropidoxuridine, emphasizing its potential to enhance radiation therapy's effectiveness for glioblastoma patients. Dr. Dritschilo also noted the company's commitment to addressing the unmet need for minimally invasive diagnostic tests that can predict the success of radiation therapy for prostate cancer treatment.
Shuttle Pharma was established by faculty members of Georgetown University Medical Center, focusing on the development of therapies to improve the effectiveness of radiation therapy while minimizing its side effects. The company's approach involves the use of radiation sensitizers to potentially increase cancer cure rates and patient survival.
The company's recent activities, including presentations at the Lytham Partners 2024 Investor Select Conference and the Emerging Growth Conference, underscore its ongoing efforts to communicate its strategies and opportunities to stakeholders.
This report is based on a press release statement from Shuttle Pharmaceuticals Holdings, Inc.
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