What's Going On With Phio Pharmaceuticals Stock Today?

Phio Pharmaceuticals Corp. PHIO stock is trading lower following the company's announcement of a $3.19 million registered direct offering.

Phio has entered into definitive agreements for the sale of 1.06 million shares of its common stock at a price of $3.00 per share in the offering, which is priced at-the-market under Nasdaq rules.

In addition, the company will conduct a concurrent private placement, issuing short-term unregistered warrants to purchase up to 2.12 million additional shares of common stock.

These warrants will have an exercise price of $3.00 per share, exercisable upon issuance and will expire 24 months after issuance.

The offering is expected to close on or about January 15, 2025, subject to customary closing conditions.

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H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering.

The gross proceeds from this offering are expected to total $3.19 million before expenses. Phio said it intends to use the net proceeds for working capital and general corporate purposes.

Earlier this month, the company announced pathologic responses for patients enrolled in the 2nd cohort, which includes two patients with a complete response or 100% tumor clearance.

Phio said in a press release dated January 13 that its ongoing Phase 1b clinical study (NCT 06014086) is designed to evaluate the safety and tolerability of neoadjuvant use of intratumoral PH-762 in Stages 1, 2 and 4 cutaneous squamous cell carcinoma, Stage 4 melanoma and Stage 4 Merkel cell carcinoma.

According to Benzinga Pro, PHIO stock has lost over 33% in the past year.

Price Action: PHIO shares are trading lower by 39.1% to $4.005 at last check Tuesday.

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