Shuttle Pharmaceuticals Announces Closing of Initial Public Offering

Pharmaceuticals Announces Closing of Initial Public Offering

Maryland - September 6, 2022 - Shuttle Pharmaceuticals Holdings, Inc. (Nasdaq: SHPH), a discovery and development stage

specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT) while reducing

side effects, today announced the closing of its initial public offering (IPO) of 1,225,888 units of common stock and warrants at a public

offering price of $8.125 per unit, for aggregate proceeds of $9,960,340, before deducting underwriting discounts and estimated offering

expenses. Each unit consisted of one share of common stock and a warrant to purchase one share of common stock. Each of the warrants

were exercised simultaneously with closing at an exercise price of $0.01 per share.

Company's common stock began trading on the Nasdaq Capital Market on August 31, 2022, under the symbol "SHPH."

Securities, LLC acted as lead underwriter and Valuable Capital Ltd. acted as co-underwriter for the offering.

offering was made only by means of a prospectus. A copy of the final prospectus related to the offering may be obtained from Boustead

Securities, LLC, via email at offerings@boustead1828.com or by calling +1 (949) 502-4408 or standard mail at Boustead Securities, LLC,

Attn: Equity Capital Markets, 6 Venture, Suite 395, Irvine, CA 92618, USA. In addition, a copy of the final prospectus relating to the

offering may be obtained via the SEC's website at www.sec.gov.

registration statement relating to these securities was filed with the Securities and Exchange Commission and was declared effective

on August 29, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities,

nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful

prior to registration or qualification under the securities laws of any such state or jurisdiction.

Shuttle Pharmaceuticals

in 2012 by faculty members of the Georgetown University Medical Center, Shuttle Pharmaceuticals is a discovery and development stage

specialty pharmaceutical company focused on improving the outcomes of cancer patients treated with radiation therapy (RT). Our mission

is to improve the lives of cancer patients by developing therapies that are designed to maximize the effectiveness of RT while limiting

the side effects of radiation in cancer treatment. Although RT is a proven modality for treating cancers, by developing radiation sensitizers,

we aim to increase cancer cure rates, prolong patient survival and improve quality of life when used as a primary treatment or in combination

with surgery, chemotherapy and immunotherapy. For more information, please visit www.shuttlepharma.com.

in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not

historical facts, may constitute "forward-looking statements." These statements include, but are not limited to, statements

relating to the expected trading commencement and closing dates. The words "anticipate," "believe," "continue,"

"could," "estimate," "expect," "intend," "may," "plan," "potential,"

"predict," "project," "should," "target," "will," "would" and

similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying

words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important

factors, including factors discussed in the "Risk Factors" section of the IPO prospectus filed with the SEC. Any forward-looking

statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, Shuttle

Pharmaceuticals specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information,

future events or otherwise.

more information, please contact:

Underwriter Inquiries Contact:

Dritschilo, M.D., CEO

Blum, Managing Partner