24/7 Market News Snapshot 19 December, 2024 – Phio Pharmaceuticals Corp. Common Stock (NASDAQ:PHIO)

December 19, 2024

DENVER, Colo., 19 December, 2024 (247marketnews.com) – (NASDAQ:PHIO) are discussed in this article.
Phio Pharmaceuticals Corp. (NASDAQ:PHIO), a clinical-stage biotechnology company steadfast in its mission to advance cancer therapies, has faced notable market fluctuations today. The stock opened at $2.82 but has since experienced a sharp decline, currently trading at $1.906, representing a decrease of approximately 24.06% from the previous closing price of $2.510. This decline highlights a bearish sentiment among investors, as reflected in today’s trading volume of 5.52 million shares, indicative of heightened trading activity and interest in the stock.

In a significant move to bolster its finances, Phio Pharmaceuticals announced the execution of definitive agreements for the sale of 437,192 shares of its common stock at a price of $2.635 per share. This transaction is part of a registered direct offering made in compliance with Nasdaq rules. Additionally, the company will issue unregistered warrants allowing for the purchase of the same number of shares at an exercise price of $2.51 per share, with these warrants being exercisable upon issuance and valid for five years. The offering is expected to close around December 20, 2024, pending customary closing conditions.

The anticipated proceeds of approximately $1.15 million from this offering will be allocated to working capital and other corporate purposes. H.C. Wainwright & Co. has been appointed as the exclusive placement agent for the transaction, underscoring the company’s strategic maneuvers within the biotech sector.

Phio is recognized for its pioneering INTASYL® siRNA gene silencing technology, aimed at enhancing the immune system’s capacity to combat cancer. The company’s leading clinical program, PH-762, targets PD-1 silencing as a potential treatment for various skin cancers, demonstrating promising results in ongoing trials. This commitment to innovation positions Phio Pharmaceuticals at the forefront of the immuno-oncology landscape, striving to transform cancer treatment and improve patient outcomes.

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