24/7 Market News Snapshot 16 January, 2025 – Phio Pharmaceuticals Corp. Common Stock (NASDAQ:PHIO)

January 16, 2025

DENVER, Colo., 16 January, 2025 (247marketnews.com) – (NASDAQ:PHIO) are discussed in this article.
Phio Pharmaceuticals Corp. (NASDAQ:PHIO), a pioneering biotechnology company focused on its proprietary INTASYL® siRNA gene silencing technology for cancer treatment, has experienced substantial market activity recently. Opening at $2.74, the stock surged to $3.182, marking an approximate gain of 19.62% from the prior session’s close at $2.66. This spike can be attributed to a combination of positive market sentiment and significant developments related to the company’s fundraising efforts. With a trading volume of 43.77 million shares, the heightened interest among investors signals a potential breakout, necessitating monitoring of key support and resistance levels at $2.74 and $3.50, respectively.

In an effort to bolster its growth, Phio Pharmaceuticals has announced a registered direct offering to raise funds. The company finalized agreements to sell 610,000 shares at a price of $3.00 per share. As part of this initiative, Phio will also issue short-term unregistered warrants for 1,220,000 additional shares, also at $3.00 per share, which will be immediately exercisable for a period of twenty-four months. The offering is anticipated to close by January 17, 2025, subject to customary conditions, with expected gross proceeds of approximately $1.83 million earmarked for working capital and general corporate needs.

These strategic efforts underscore Phio’s commitment to advancing its lead clinical program, PH-762, which is under exploration for FDA approval in treating various skin cancers through non-surgical methods. As the company makes strides within the immuno-oncology field, stakeholders are encouraged to follow its developments closely, as the outcomes could significantly influence both patient care and market performance.

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