Phio Pharmaceuticals Raises $1.83M in Registered Direct Offering
Generado por agente de IAMarcus Lee
jueves, 16 de enero de 2025, 1:10 pm ET1 min de lectura
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Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical-stage biotechnology company, has announced a registered direct offering priced at-the-market under Nasdaq rules, raising $1.83 million. The offering is expected to close on or about January 17, 2025, subject to customary closing conditions. The net proceeds from the offering are intended to be used for working capital and other general corporate purposes.
Phio Pharmaceuticals is developing therapeutics using its proprietary INTASYL® siRNA gene silencing technology, designed to make the body's immune cells more effective in killing cancer cells. The company's lead clinical program, PH-762, is an INTASYL compound that silences PD-1, a potential non-surgical treatment for skin cancers. PH-762 is currently being evaluated in a Phase 1b clinical trial for the treatment of cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.
The latest offering comes after a series of funding rounds, with the most recent Post IPO round held on Jun 13, 2023, where the company raised $3M. The proceeds from these funding rounds have been used to support the company's research and development efforts, as well as its general corporate purposes and working capital needs.
The successful completion of this offering demonstrates investor confidence in Phio Pharmaceuticals' business model and growth prospects. The company's encouraging safety and efficacy data from its Phase 1b clinical trial may have contributed to the positive reception of the offering. This positive sentiment can help Phio Pharmaceuticals attract further investment and partnerships in the future, further enhancing its growth prospects.
In conclusion, Phio Pharmaceuticals' latest registered direct offering is a testament to the company's potential and the confidence investors have in its technology and future prospects. The raised funds will be used to support the company's ongoing operations and growth initiatives, as it continues to develop its INTASYL technology and advance its lead clinical program, PH-762.
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Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical-stage biotechnology company, has announced a registered direct offering priced at-the-market under Nasdaq rules, raising $1.83 million. The offering is expected to close on or about January 17, 2025, subject to customary closing conditions. The net proceeds from the offering are intended to be used for working capital and other general corporate purposes.
Phio Pharmaceuticals is developing therapeutics using its proprietary INTASYL® siRNA gene silencing technology, designed to make the body's immune cells more effective in killing cancer cells. The company's lead clinical program, PH-762, is an INTASYL compound that silences PD-1, a potential non-surgical treatment for skin cancers. PH-762 is currently being evaluated in a Phase 1b clinical trial for the treatment of cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.
The latest offering comes after a series of funding rounds, with the most recent Post IPO round held on Jun 13, 2023, where the company raised $3M. The proceeds from these funding rounds have been used to support the company's research and development efforts, as well as its general corporate purposes and working capital needs.
The successful completion of this offering demonstrates investor confidence in Phio Pharmaceuticals' business model and growth prospects. The company's encouraging safety and efficacy data from its Phase 1b clinical trial may have contributed to the positive reception of the offering. This positive sentiment can help Phio Pharmaceuticals attract further investment and partnerships in the future, further enhancing its growth prospects.
In conclusion, Phio Pharmaceuticals' latest registered direct offering is a testament to the company's potential and the confidence investors have in its technology and future prospects. The raised funds will be used to support the company's ongoing operations and growth initiatives, as it continues to develop its INTASYL technology and advance its lead clinical program, PH-762.
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