Phio Pharmaceuticals Terminates Share Purchase Agreement with Triton Funds

Rhea-AI Summary

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.

Positive

• None.

Negative

• Termination of the share purchase agreement could suggest difficulties in securing financing.
• Potential reduction in available funding may hinder research and development or operational activities.

Marlborough, Massachusetts--(Newsfile Corp. - July 5, 2024) - Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical stage biotechnology company whose proprietary INTASYL® siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells, today announced it has terminated its share purchase agreement with Triton Funds LP, which afforded Triton the opportunity to purchase up to 18.8% of the Company's common stock.

About Phio Pharmaceuticals Corp.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) is a clinical stage biotechnology company whose proprietary INTASYL® siRNA gene silencing 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.

Contact:
Phio Pharmaceuticals Corp.
ir@phiopharma.com

PR Contact
Michael Adams
Bridge View Media
adams@bridgeviewmedia.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215358

FAQ

What recent decision has Phio Pharmaceuticals (PHIO) made regarding its share purchase plan?

Phio Pharmaceuticals has terminated its share purchase agreement with Triton Funds, which allowed Triton to purchase up to 18.8% of Phio's common stock.

When did Phio Pharmaceuticals (PHIO) announce the termination of its agreement with Triton Funds?

Phio Pharmaceuticals announced the termination on July 5, 2024.

What technology is Phio Pharmaceuticals (PHIO) known for?

Phio Pharmaceuticals is known for its proprietary INTASYL^® siRNA gene-silencing technology.

Why is the termination of the share purchase agreement significant for Phio Pharmaceuticals (PHIO) investors?

The termination might indicate challenges in securing financing, which could impact Phio Pharmaceuticals' research and development or operational activities.