As of the last check during the recent trading session, Phio Pharmaceuticals Corp. (NASDAQ: PHIO) shares were up 33.81% to $2.36, indicating a big increase in value today. The spike in PHIO stock is due to a recently announced equity offering and positive outcomes from clinical research.
Inspiration Findings from the PH-762 Clinical Trial
According to Phio Pharmaceuticals, dosage escalation in the ongoing Phase 1b clinical investigation for PH-762 has been approved by the Safety Monitoring Committee or SMC. The safety and tolerability of this new intratumoral injection treatment are being investigated in patients with advanced Merkel cell carcinoma, melanoma, and cutaneous squamous cell carcinoma.
Treatment for cutaneous squamous cell carcinoma was administered to the second set of study participants. Two patients who finished treatment showed a partial response with 90% tumor clearance, while one patient had a full response with 100% tumor elimination.
Plans for Funding and Equity Offering
Final agreements for the sale of 437,192 common shares in a registered direct offering at a price of $2.635 per share were signed, according to a separate announcement from Phio Pharmaceuticals. Concurrently, the company will issue unregistered warrants that allow for the purchase of an equivalent number of shares at an exercise price of $2.51 per share. These warrants have a five-year expiry date and an immediate exercise period.
The offering is expected to generate about $1.15 million in gross sales before expenses when it closes on December 20, 2024. PHIO is in plans to use the net proceeds for operating capital and general corporate purposes.
The Positive Trends of Phio Pharmaceuticals
Phio Pharmaceuticals is setting itself up for expansion with encouraging clinical findings and calculated financial decisions. The latest advancements demonstrate not just PH-762’s promise as a ground-breaking cancer treatment, but also the company’s dedication to developing its pipeline and obtaining the required capital.
