Phio Pharmaceuticals Corp. has entered into securities purchase agreements with institutional investors for a registered direct offering of 240,000 shares of common stock at $2.00 per share, for gross proceeds of $480,000. The offering is expected to close on December 24, 2024.In a concurrent private placement, the company will issue unregistered warrants to purchase up to 240,000 shares of common stock. The warrants will be exercisable immediately at $2.00 per share and expire five years from issuance. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.The company will pay placement agent fees of 7.5% ($36,000), plus a 1.0% management fee, $10,000 for non-accountable expenses, and $10,000 for clearing fees. Additionally, placement agent warrants to purchase up to 18,000 shares will be issued. Net proceeds of approximately $400,000 will be used for working capital and general corporate purposes.

Phio Pharmaceuticals Corp. has entered into securities purchase agreements with institutional investors for a registered direct offering of 240,000 shares of common stock at $2.00 per share, for gross proceeds of $480,000. The offering is expected to close on December 24, 2024.In a concurrent private placement, the company will issue unregistered warrants to purchase up to 240,000 shares of common stock. The warrants will be exercisable immediately at $2.00 per share and expire five years from issuance. H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.The company will pay placement agent fees of 7.5% ($36,000), plus a 1.0% management fee, $10,000 for non-accountable expenses, and $10,000 for clearing fees. Additionally, placement agent warrants to purchase up to 18,000 shares will be issued. Net proceeds of approximately $400,000 will be used for working capital and general corporate purposes.