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Phio Pharmaceuticals Corp. (Nasdaq: PHIO) reported a net loss of $8.8 million for 2020, a slight improvement from $8.9 million in 2019. The company had cash of $14.2 million at year-end, up from $6.9 million in 2019, bolstered by $21.7 million raised in equity financing. Developmental progress includes new collaborations with AgonOx, Inc. and plans to initiate two clinical studies for PH-762 in 2021. R&D expenses rose to $4.4 million, while G&A expenses decreased to $4.4 million, reflecting reduced legal and hiring costs. Overall, the company maintains a solid financial outlook for the next two years.
Phio Pharmaceuticals Corp. announced new study data on its product candidate, PH-762, which targets PD-1 and shows promise in tumor control. This presentation will be part of the AACR Annual Meeting 2021, held virtually from April 10-15 and May 17-21. The poster titled "Intratumoral INTASYL™ self-delivering RNAi targeting PD-1" will explore the treatment's effects similar to systemic anti-PD-1 antibodies. Further details will be available on the Company’s website after the presentation.
Phio Pharmaceuticals Corp. has entered a clinical collaboration with AgonOx, Inc. to advance T cell-based cancer immunotherapies utilizing PH-762 and AgonOx's DP tumor-infiltrating lymphocyte (TIL) technology. The collaboration aims to enhance TIL therapeutic efficacy, with a clinical study expected to enroll patients later this year. Preclinical data suggests PH-762 significantly boosts the tumor-killing activity of CD8 DP TILs. AgonOx will receive financial support for the trial, while Phio stands to gain from future development milestones and royalties.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) has announced a registered direct offering of 2,246,784 shares of common stock priced at $3.42 per share, raising approximately $7.7 million. The offering is expected to close around February 17, 2021, pending customary closing conditions. The funds will primarily support general working capital, including the development of immuno-oncology programs. H.C. Wainwright & Co. serves as the exclusive placement agent. The shares are offered under an effective shelf registration statement.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) announced the closing of a private placement, issuing 4,560,928 shares at $3.07 each, alongside warrants for 3,420,696 shares. This transaction raised approximately $14.0 million before expenses. The company plans to use the funds for its immuno-oncology research and general working capital. The warrants have an exercise price of $3.00 and are valid for five and a half years. Phio must file a registration statement covering the resale of the shares by February 1, 2021.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) reported its financial results for Q3 2020, ending with $16.9 million in cash, up from $6.9 million in December 2019. The company increased R&D expenses to $1.3 million, attributed to preclinical studies. The net loss for the quarter was $2.3 million, or $0.40 per share, slightly higher than the $2.1 million net loss from the same quarter last year. Phio presented promising data at SITC 2020, showcasing its INTASYL RNAi technology's potential in enhancing cancer immunotherapy.
