Phio Pharmaceuticals Announces Exercise of Warrants for Approximately $2.5 Million Gross Proceeds

Core Viewpoint - Phio Pharmaceuticals Corp. has announced the exercise of warrants that will generate approximately $2.5 million in gross proceeds, aimed at supporting its clinical-stage siRNA biopharmaceutical operations focused on cancer therapeutics [1][4]. Group 1: Warrants and Financial Details - The company entered into agreements to exercise warrants for a total of 928,596 shares of common stock, with exercise prices ranging from $2.00 to $3.00 per share [1]. - The exercise of 100,000 shares will occur at the existing price of $2.00, while 828,596 shares will be exercised at a reduced price of $2.485 per share [1]. - The gross proceeds from this exercise are expected to be around $2.5 million before deducting fees and expenses [1]. Group 2: New Warrants Issuance - In exchange for the immediate cash exercise of the warrants, holders will receive new unregistered warrants for an aggregate of up to 1,857,192 shares at an exercise price of $2.485 per share [3]. - The new warrants will have a term of twenty-four months for 1,538,596 shares and five years for 318,596 shares, effective upon the registration of the shares [3]. Group 3: Use of Proceeds - The company plans to utilize the net proceeds from the offering for working capital and other general corporate purposes [4]. Group 4: Company Overview - Phio Pharmaceuticals is a clinical-stage siRNA biopharmaceutical company that focuses on developing therapeutics using its INTASYL® gene silencing technology, particularly in the field of immuno-oncology [9]. - The lead clinical program, PH-762, targets the PD-1 gene associated with various skin cancers and is currently undergoing a Phase 1b trial [9].