Phio Pharmaceuticals Regains Compliance with Nasdaq Listing Requirements

Rhea-AI Summary

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) announced on February 13, 2023, that it has regained compliance with Nasdaq's minimum bid price listing requirement. The company has satisfied the Nasdaq Listing Qualifications Panel by ensuring its stock price meets the minimum threshold of $1.00 per share, thereby fulfilling all criteria for continued listing. This marks a significant milestone for Phio as it continues to advance its proprietary INTASYL™ RNAi platform, which enhances the efficacy of immune cells against tumor cells. The matter regarding compliance is now considered closed by Nasdaq.

Positive

• Regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share.
• Continued listing on Nasdaq indicates stability in market position.

Negative

• None.

MARLBOROUGH, Mass., Feb. 13, 2023 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL™ RNAi platform technology is designed to make immune cells more effective in killing tumor cells, today announced that it has received a letter from The Nasdaq Stock Market LLC advising the Company that it has regained compliance with Nasdaq's minimum bid price listing requirement.

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Phio has satisfied the terms of the Nasdaq Listing Qualifications Panel by complying with the minimum bid price requirement of $1.00 per share under Nasdaq Listing Rule 5550(a)(2), and all other criteria for continued listing.  Accordingly, Nasdaq has advised that the matter is now closed.

About Phio Pharmaceuticals

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical stage biotechnology company whose proprietary INTASYL™ RNAi technology is designed to make immune cells more effective in killing tumor cells. INTASYL is the only self-delivering RNAi technology focused on immuno-oncology therapeutics. INTASYL drugs precisely target specific proteins that reduce the body's ability to fight cancer, without the need for specialized formulations or drug delivery systems.

For additional information, visit the Company's website, www.phiopharma.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "intends," "believes," "anticipates," "indicates," "plans," "expects," "suggests," "may," "would," "should," "potential," "designed to," "will," "ongoing," "estimate," "forecast," "target," "predict," "could" and similar references, although not all forward-looking statements contain these words. Forward-looking statements are neither historical facts nor assurances of future performance and include statements regarding compliance with the minimum bid price requirement and other applicable Nasdaq continued listing standards. These statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements as a result of a number of important factors, including, but not limited to, the impact to our business and operations by the ongoing coronavirus pandemic, military conflict between Ukraine and Russia, inflationary pressures, rising interest rates, recession fears, the development of our product candidates, results from our preclinical and clinical activities, our ability to execute on business strategies, our ability to develop our product candidates with collaboration partners, and the success of any such collaborations, the timeline and duration for advancing our product candidates into clinical development, the timing or likelihood of regulatory filings and approvals, the success of our efforts to commercialize our product candidates if approved, our ability to manufacture and supply our product candidates for clinical activities, and for commercial use if approved, the scope of protection we are able to establish and maintain for intellectual property rights covering our technology platform, our ability to obtain future financing, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption "Risk Factors" and in other filings the Company periodically makes with the SEC. Readers are urged to review these risk factors and to not act in reliance on any forward-looking statements, as actual results may differ from those contemplated by our forward-looking statements. Phio does not undertake to update forward-looking statements to reflect a change in its views, events or circumstances that occur after the date of this release, except as required by law. 

Contact
Phio Pharmaceuticals Corp.
ir@phiopharma.com 

Investor Contact
Ashley R. Robinson 
LifeSci Advisors
arr@lifesciadvisors.com

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SOURCE Phio Pharmaceuticals Corp.

FAQ

What does Phio Pharmaceuticals do?

Phio Pharmaceuticals develops immune-oncology therapies using its proprietary INTASYL™ RNAi technology.

When did Phio Pharmaceuticals regain compliance with Nasdaq?

Phio Pharmaceuticals announced it regained compliance on February 13, 2023.

What is the significance of Nasdaq compliance for Phio Pharmaceuticals?

Regaining compliance allows Phio Pharmaceuticals to maintain its listing on Nasdaq, which is crucial for visibility and access to capital.

What is the minimum bid price requirement for Nasdaq?

The minimum bid price requirement for Nasdaq is $1.00 per share.

How does INTASYL™ RNAi technology work?

INTASYL™ RNAi technology aims to enhance immune cell effectiveness against tumor cells by precisely targeting specific proteins.