Phio Pharmaceuticals Corp Stock Price, News & Analysis

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.

Phio Pharmaceuticals (NASDAQ: PHIO) announced that its Safety Monitoring Committee (SMC) has reviewed safety data from the first dose cohort of the Phase 1b clinical trial of its lead compound, PH-762. This trial evaluates the safety and tolerability of intratumoral PH-762 in cutaneous squamous cell carcinoma (stages 1, 2, 4), melanoma (stage 4), and Merkel cell carcinoma (stage 4). Encouragingly, no dose-limiting toxicities or significant treatment-emergent adverse events were reported. The SMC has recommended escalating to the next dose concentration and enrolling the next cohort.

The Phase 1b study (NCT 06014086) utilizes Phio’s INTASYL™ siRNA gene silencing technology aimed at enhancing the efficacy of immune cells in tumor destruction. Chief Medical Officer Mary Spellman MD emphasized the importance of safety and efficacy data in guiding the continued development of PH-762 and expressed optimism about further enrollment in the study.

Phio Pharmaceuticals (NASDAQ: PHIO), a clinical-stage biotech firm, announced a major update at the ASCO annual meeting on May 23, 2024. They reported on the completion of the first dose cohort in a Phase 1b study of their lead candidate, PH-762. This open-label trial evaluates the safety and tolerability of PH-762 for neoadjuvant use in treating cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. Stages 1 and 2 cSCC, which make up 77% of new cSCC cases annually, have no approved drug treatments. Mary Spellman, MD, the acting Chief Medical Officer, expressed optimism about PH-762's potential to benefit patients while reducing the need for surgery.

The presentation, titled 'INTASYL™ PH-762: PD-1 Intratumoral Immunotherapy for Cutaneous Carcinoma,' will be delivered by Mary Spellman, MD, on June 1, 2024, from 1:30 to 4:30 PM CDT.

Phio Pharmaceuticals (Nasdaq: PHIO) announced a purchase agreement with TRITON Funds on May 17, 2024. TRITON Funds will acquire up to 18.8% of Phio's common shares, potentially generating up to $621,000 in gross proceeds for the company. This investment underlines TRITON's confidence in Phio's proprietary INTASYL™ siRNA gene silencing technology, which aims to enhance the effectiveness of immune cells in targeting tumor cells. The funds were offered under a shelf registration statement filed with the SEC in May 2021, ensuring regulatory compliance. Phio's President and CEO, Robert Bitterman, expressed satisfaction with the investment, viewing it as further validation of their innovative approach to treating solid tumors.