Phio Pharmaceuticals has announced a direct offering of 437,192 shares of common stock at $2.635 per share to institutional investors, expected to raise approximately $1.15 million in gross proceeds. The offering includes unregistered warrants to purchase up to 437,192 shares at $2.51 per share, exercisable immediately with a 5-year term.The company recently reported positive interim data from its Phase 1b trial of PH-762 for skin cancer treatment, with the first two patients showing complete and partial responses (100% and 90% tumor clearance respectively) at Day 36. The Safety Monitoring Committee has recommended dose escalation based on favorable safety data with no serious adverse events reported.H.C. Wainwright & Co. is acting as exclusive placement agent for the offering. The net proceeds will be used for working capital and general corporate purposes. The offering is expected to close on December 20, 2024, subject to customary closing conditions.

Phio Pharmaceuticals has announced a direct offering of 437,192 shares of common stock at $2.635 per share to institutional investors, expected to raise approximately $1.15 million in gross proceeds. The offering includes unregistered warrants to purchase up to 437,192 shares at $2.51 per share, exercisable immediately with a 5-year term.The company recently reported positive interim data from its Phase 1b trial of PH-762 for skin cancer treatment, with the first two patients showing complete and partial responses (100% and 90% tumor clearance respectively) at Day 36. The Safety Monitoring Committee has recommended dose escalation based on favorable safety data with no serious adverse events reported.H.C. Wainwright & Co. is acting as exclusive placement agent for the offering. The net proceeds will be used for working capital and general corporate purposes. The offering is expected to close on December 20, 2024, subject to customary closing conditions.