Why Are Phio Pharmaceuticals Shares Trading Higher Today

Phio Pharmaceuticals Corp PHIO shares are gaining after the FDA cleared its Investigational New Drug (IND) application to proceed with a clinical trial of Phio's lead product candidate, PH-762. 

PH-762 is an INTASYL compound that reduces the expression of PD-1, a protein that inhibits T cells' ability to kill cancer cells. 

Phio plans to initiate its Phase 1b clinical trial of intratumoral PH-762 in patients with cutaneous squamous cell carcinoma, melanoma, and Merkel cell in the second half of 2023.

Also Read: Phio Pharmaceuticals Outlines New PH-762 Program For Common Skin Cancer In US Patients.

The initial multi-center, dose-escalating, Phase 1b trial is designed to evaluate the safety and tolerability of neoadjuvant use of intratumorally injected PH-762, assess the tumor response, and determine the dose or dose range for continued study of PH-762.

Phio will focus its efforts on the U.S. trial and intends to wind down its first-in-human clinical trial for PH-762 in France, which was limited to treating patients with metastatic melanoma.

PH-762 has also received clearance to proceed under an IND sponsored by AgonOx Inc in a clinical trial evaluating PH-762 treated "double positive" (DP) CD8 tumor-infiltrating lymphocytes (TIL) in patients with melanoma and other advanced solid tumors.

Price Action: PHIO shares are up 30% at $4.38 on the last check Tuesday.