24/7 Market News Snapshot 23 December, 2024 – Phio Pharmaceuticals Corp. Common Stock (NASDAQ:PHIO)

December 23, 2024

DENVER, Colo., 23 December, 2024 (247marketnews.com) – (NASDAQ:PHIO) are discussed in this article.
Phio Pharmaceuticals Corp. (PHIO) has experienced considerable market activity today, with the stock climbing from an opening price of $2.68 to approximately $2.172, representing an increase of around 23.41%. Following a previous close of $1.760, this uptick highlights a growing investor interest, as evidenced by a trading volume of 10.27 million shares. Such notable trading activity suggests strong market confidence and potential for further gains, making PHIO a stock to watch in the biotech sector.

In a strategic move to enhance its operational capabilities, Phio Pharmaceuticals has also announced a registered direct offering, pricing 240,000 shares of common stock at $2.00 each. This initiative, conducted in compliance with Nasdaq regulations, will generate gross proceeds of roughly $0.48 million. The funds are earmarked for working capital and general corporate purposes, reinforcing the company’s commitment to advancing its innovative therapeutic solutions.

Furthermore, alongside this offering, the company will issue unregistered warrants allowing for the purchase of an additional 240,000 shares, also priced at $2.00. These warrants are exercisable upon issuance and will remain valid for a period of five years, providing investors with added flexibility.

Phio Pharmaceuticals is focused on developing its proprietary INTASYL® siRNA gene silencing technology to improve immune cell responses against cancer. Its lead clinical program, PH-762, is gearing up for a novel Phase 1b trial aimed at treating various forms of skin cancer, bolstered by FDA clearance for its Investigational New Drug application earlier this year. This funding initiative not only strengthens Phio’s financial position but also underscores its dedication to driving innovation in cancer immunotherapy, with further updates to be disclosed through the company’s SEC filings.

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