Phio Pharmaceuticals Announces $1.15 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

Company Overview - Phio Pharmaceuticals Corp is a clinical-stage biotechnology company developing therapeutics using its INTASYL® siRNA gene silencing technology to enhance the immune system's ability to kill cancer cells [9] - The company's lead clinical program, PH-762, is an INTASYL compound targeting PD-1 and is being evaluated in a Phase 1b trial for treating skin cancers including cutaneous SCC, melanoma, and Merkel cell carcinoma [10] Financing Activity - The company announced a $1.15 million registered direct offering of 437,192 shares of common stock at $2.635 per share [2][3] - Concurrently, the company will issue unregistered warrants to purchase up to 437,192 shares of common stock at $2.51 per share, exercisable immediately and expiring in five years [3] - H C Wainwright & Co is acting as the exclusive placement agent for the offering [4] - The net proceeds will be used for working capital and general corporate purposes [4] Regulatory Information - The common stock offering is made pursuant to a shelf registration statement on Form S-3 filed with the SEC on May 20, 2024 and effective July 1, 2024 [5] - The warrants and underlying shares are being issued in a private placement under Section 4(a)(2) of the Securities Act and Regulation D, and are not registered under the Securities Act or state securities laws [6]