Phio Pharmaceuticals Corp. - PHIO STOCK NEWS

Phio Pharmaceuticals (NASDAQ: PHIO), a clinical stage biotech company specializing in INTASYL® siRNA gene silencing technology, has announced its participation in the Renmark Financial Communications Virtual Non-Deal Roadshow Series. The event is scheduled for Thursday, September 5, 2024, at 12 PM EDT.

Robert Bitterman, CEO and Chairman of the Board, will present on behalf of Phio Pharmaceuticals. The presentation will include a live Q&A session. Stakeholders, investors, and interested individuals are invited to register and attend this live event. A replay will be available on the Renmark Financial Communications website.

Phio's INTASYL® technology is designed to enhance the effectiveness of immune cells in killing tumor cells, positioning the company at the forefront of innovative cancer treatments.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) reported its Q2 2024 financial results and provided a business update. Key highlights include:

1. Positive safety recommendation for PH-762 Phase 1b trial, with no dose-limiting toxicities.

2. Addition of a fifth clinical trial site for the PH-762 study.

3. New patent granted in South Korea for INTASYL compounds targeting aging skin disorders.

4. Warrant exercise agreements resulting in $3.1 million gross proceeds.

5. Completion of a 1-for-9 reverse stock split.

6. Regained compliance with Nasdaq's minimum bid price requirement.

7. Appointment of Robert M. Infarinato as CFO.

8. Exploratory collaboration with a global skin care company.

Financial results show cash position of $4.7 million as of June 30, 2024, with decreased R&D and G&A expenses compared to Q2 2023.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) has announced an exploratory collaboration with a leading luxury skin care company to explore opportunities for its patented INTASYL compound in cosmeceutical applications. This collaboration aims to leverage Phio's gene silencing technology for aging skin disorders. CEO Robert Bitterman highlighted the significance of this step in demonstrating INTASYL's versatility across multiple applications.

Phio's INTASYL patent portfolio now includes 77 issued patents covering the silencing of over 25 gene targets in various fields, including dermatology, immuno-oncology, ophthalmology, and viral disorders. The technology is designed to enhance the effectiveness of immune cells in killing tumor cells, with applications for both intratumoral treatment and adoptive cell therapy.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical stage biotechnology company specializing in INTASYL™ siRNA gene silencing technology, has announced the appointment of Robert M. Infarinato as their new Vice President and Chief Financial Officer, effective August 1, 2024. Infarinato brings over 20 years of financial and accounting leadership experience to the role, where he will serve as Principal Financial Officer overseeing accounting, finance, treasury, investor relations, and administration.

Infarinato's extensive background includes leadership positions in healthcare and pharmaceuticals, such as roles at Abington Health, Rhone Poulenc Rorer, and Pfizer. CEO Robert Bitterman expressed enthusiasm about Infarinato joining the executive team, highlighting his broad experience across multiple financial functions within the healthcare sector.

Phio Pharmaceuticals announced the exercise of certain outstanding warrants, securing approximately $3.1 million in gross proceeds. These warrants, originally priced between $324.00 and $9.72 per share, were exercised at a reduced price of $5.45 per share.

The exercise includes the issuance of new unregistered warrants for additional shares, exercisable at $5.45 per share, with varying terms of five and one-half years and eighteen months. H.C. Wainwright & Co. acted as the exclusive placement agent, and the company plans to use the net proceeds for working capital and general corporate purposes.

The offering, expected to close around July 12, 2024, is contingent on customary closing conditions. The new warrants were issued under an exemption from the registration requirements of the 1933 Act and are available only to accredited investors.

Phio Pharmaceuticals (NASDAQ: PHIO) announced the inclusion of the University of Pittsburgh Medical Center (UPMC) Department of Dermatology as a clinical trial site for its Phase 1b study of PH-762, bringing the total to five participating sites. This trial involves adult patients with cutaneous squamous cell carcinoma, melanoma, or Merkel cell carcinoma and aims to assess the safety and tolerability of PH-762, an INTASYL compound that silences PD-1, enhancing T cell ability to kill cancer cells. The study recently received a positive safety recommendation for dose escalation and is currently enrolling patients for the second cohort. Other participating sites include The George Washington University, Banner MD Anderson Cancer Center, Integrity Research Clinical Associates, and Centricity Research.

Phio Pharmaceuticals (NASDAQ: PHIO) has announced the termination of its share purchase agreement with Triton Funds LP. Initially, this agreement allowed Triton to acquire up to 18.8% of Phio's common stock. Phio is a clinical-stage biotech firm focused on enhancing immune cell efficacy against tumors using its proprietary INTASYL^® siRNA gene-silencing technology.

Phio Pharmaceuticals announced a 1-for-9 reverse stock split, effective July 5, 2024. This measure aims to increase PHIO's trading price to meet Nasdaq's $1.00 minimum bid requirement. Post-split, the outstanding common stock will reduce from 4.6 million to approximately 0.5 million shares, while the par value remains $0.0001 per share. No fractional shares will be issued; instead, shareholders will receive cash for fractions. The company’s new CUSIP number will be 71880W501. Stockholders will receive instructions for share exchanges from Computershare Trust Company, the designated exchange agent.

Phio Pharmaceuticals (NASDAQ: PHIO) has announced the granting of a new patent in South Korea for its INTASYL RXI-185 compound, which targets UV-induced collagen breakdown in the skin.

This patent, titled 'METHODS FOR TREATING AGING AND SKIN DISORDERS USING NUCLEIC ACIDS TARGETING MMP1,' aims to treat photo-aging and other skin disorders by silencing MMP1 expression and improving skin elasticity and reducing wrinkles.

The newly issued patent adds to Phio’s substantial portfolio, which now includes 81 patents, with 77 specific to the INTASYL siRNA gene silencing technology.

CEO Robert Bitterman highlighted that this patent supports Phio's broader strategy in skin cancer treatment.