Phio Pharmaceuticals Corp. - PHIO STOCK NEWS

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) has announced the closing of a registered direct offering of 353,983 shares of common stock at a price of $5.65 per share, generating approximately $2 million in gross proceeds. Concurrently, the company issued unregistered Series A and Series B warrants, each allowing the purchase of up to 353,983 shares with an exercise price of $5.40. The proceeds from this offering will be utilized for the development of immuno-oncology programs, working capital, and general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent. The company amended existing warrants to a uniform exercise price of $5.40 from previous higher prices, potentially signaling a strategic move to streamline capital activities.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) announced a registered direct offering of 353,983 shares at $5.65 each, with expected gross proceeds of approximately $2 million. This offering will close around April 20, 2023, and includes unregistered Series A and B warrants for the same number of shares, each with an exercise price of $5.40. The funds will support the development of immuno-oncology programs and other corporate needs. H.C. Wainwright & Co. is the exclusive placement agent. The offering is part of a 'shelf' registration under the SEC regulations established in May 2021. Phio will also amend older warrants to reduce their exercise price to $5.40. This announcement may affect investor perceptions and the company's capital structure.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) presented promising preclinical data at the AACR Annual Meeting 2023, showcasing the efficacy of its dual-targeting INTASYL therapy targeting PD-1 and CTLA-4 in mouse models of colon cancer. This innovative approach demonstrated enhanced anti-tumor activity compared to single-target therapies while maintaining a favorable safety profile. Dr. Mary Spellman emphasized the potential of intratumoral administration to mitigate the high incidence of immune-related adverse events associated with systemic treatments. This breakthrough could represent a significant advancement in immuno-oncology, reflecting Phio's commitment to developing effective cancer therapies.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) announced new findings from a preclinical study, revealing that its investigational drug mPH-762 induces anti-tumor responses through immune system activation. The study, showcased at the AACR Annual Meeting 2023, demonstrated that mPH-762, when administered intratumorally, generates systemic CD8 T cells that combat untreated tumors, indicating an 'abscopal effect'. Dr. Mary Spellman noted that these results support the clinical use of PH-762, which is currently in a phase 1b trial for advanced melanoma. Additionally, the approach may reduce adverse effects commonly associated with systemic PD-1 inhibition.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) has opened enrollment for the second cohort of its Phase 1b clinical study of PH-762 for advanced melanoma following a positive safety review by the Data Monitoring Committee (DMC). The FDA has confirmed the company can proceed with a planned Phase 1 clinical trial in advanced solid tumors in collaboration with AgonOx. Financially, Phio reported a decreased net loss of $11.5 million for 2022, down 14% from 2021, and a 21% reduction in R&D expenses to $7.0 million. As of December 31, 2022, the company had $11.8 million in cash, which is expected to support operations through Q4 2023.