Phio Pharmaceuticals shares fall 4.74% premarket after entering a drug substance development agreement.

Phio Pharmaceuticals Corp. fell 4.74% in premarket trading, with the company announcing a comprehensive drug substance development services agreement with a U.S. manufacturer. This agreement includes analytical and process development and cGMP manufacture of Phio's lead clinical development compound PH-762, marking a critical step in advancing its intratumoral program to treat cutaneous carcinomas. The company is currently enrolling patients for the 5th and expected final cohort in its Phase 1b dose escalation study for cutaneous squamous cell carcinoma, Merkel cell.