Breaking News: Phio Pharmaceuticals Successfully Completes $1.83 Million Direct Offering Under Nasdaq Rules!
Raised approximately $12.08 million in gross proceeds since beginning of December 2024
Proceeds intended to be directed for development costs to be incurred in connection with PH-762 clinical activities
Marlborough, Massachusetts–(Newsfile Corp. – January 21, 2025) – Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical-stage biotechnology company that develops therapeutics using its INTASYL® siRNA gene silencing technology to make the body’s immune cells more effective in killing cancer cells, today announced the closing of its registered direct offering previously announced on January 16, 2024, priced at-the-market under Nasdaq rules, for the purchase and sale of an aggregate of 610,000 shares of its common stock at a purchase price of $3.00 per share. In addition, in a concurrent private placement, the Company issued short-term unregistered warrants to purchase up to an aggregate of 1,220,000 shares of common stock.
Phio Pharmaceuticals has successfully completed a $1.83 million direct offering under Nasdaq rules, marking a significant milestone for the company. This offering has raised approximately $12.08 million in gross proceeds since the beginning of December 2024. The proceeds from this offering are intended to be directed towards development costs for the PH-762 clinical activities.
How Will This Affect Me?
As a shareholder or potential investor in Phio Pharmaceuticals, this successful direct offering can potentially lead to the company’s continued growth and development of therapeutics using its INTASYL® siRNA gene silencing technology. The increased funds will support the advancement of clinical activities, which may ultimately lead to the development of more effective treatments for cancer.
How Will This Affect the World?
The completion of this direct offering by Phio Pharmaceuticals signifies a positive step forward in the field of biotechnology and cancer research. With the potential for new and improved treatments for cancer on the horizon, this development has the potential to positively impact the lives of people around the world who are affected by this disease.
Conclusion
Phio Pharmaceuticals’ successful completion of a $1.83 million direct offering under Nasdaq rules is a significant achievement for the company. With the raised funds intended for development costs associated with PH-762 clinical activities, there is great potential for innovation and advancements in cancer therapeutics. This news marks a positive stride towards the company’s goal of making the body’s immune cells more effective in killing cancer cells, bringing hope for better treatment options in the future.
