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Phio Pharmaceuticals Corp. - PHIO STOCK NEWS

Welcome to our dedicated page for Phio Pharmaceuticals news (Ticker: PHIO), a resource for investors and traders seeking the latest updates and insights on Phio Pharmaceuticals stock.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO), headquartered in Marlborough, Massachusetts, is a clinical-stage biotechnology company focused on developing innovative immuno-oncology therapeutics. The company's proprietary INTASYL™ siRNA gene silencing technology is at the forefront of its efforts to enhance the effectiveness of immune cells in targeting and destroying tumor cells.

Phio's core product pipeline includes:

  • PH-762: Targets the checkpoint protein PD-1 on immune cells, enhancing their ability to attack tumors. Currently in Phase 1b clinical trials, PH-762 is being tested for its efficacy in treating cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.
  • PH-804: Focuses on the suppressive immune receptor TIGIT, present on T cells and natural killer cells, to bolster immune responses against cancer.
  • PH-790: Aims to silence the PD-L1 protein, which normally prevents immune cells from attacking non-harmful cells, thereby boosting the body's natural defenses against cancer.

Phio Pharmaceuticals collaborates with leading institutions such as Gustave Roussy, Medigene AG, and Helmholtz Zentrum München to advance their research and development efforts. The company's financial health, as of the latest reports, shows a cash position of $6.5 million, with a significant reduction in research and development expenses aimed at transitioning from discovery to product development.

Phio's latest updates include the presentation of new data on PH-762 at various scientific conferences and the initiation of new partnerships. These efforts underscore Phio's commitment to delivering cutting-edge cancer treatments and improving patient outcomes.

For more details, visit the company's website at www.phiopharma.com.

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Phio Pharmaceuticals announced the exercise of certain outstanding warrants, securing approximately $3.1 million in gross proceeds. These warrants, originally priced between $324.00 and $9.72 per share, were exercised at a reduced price of $5.45 per share.

The exercise includes the issuance of new unregistered warrants for additional shares, exercisable at $5.45 per share, with varying terms of five and one-half years and eighteen months. H.C. Wainwright & Co. acted as the exclusive placement agent, and the company plans to use the net proceeds for working capital and general corporate purposes.

The offering, expected to close around July 12, 2024, is contingent on customary closing conditions. The new warrants were issued under an exemption from the registration requirements of the 1933 Act and are available only to accredited investors.

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Phio Pharmaceuticals (NASDAQ: PHIO) announced the inclusion of the University of Pittsburgh Medical Center (UPMC) Department of Dermatology as a clinical trial site for its Phase 1b study of PH-762, bringing the total to five participating sites. This trial involves adult patients with cutaneous squamous cell carcinoma, melanoma, or Merkel cell carcinoma and aims to assess the safety and tolerability of PH-762, an INTASYL compound that silences PD-1, enhancing T cell ability to kill cancer cells. The study recently received a positive safety recommendation for dose escalation and is currently enrolling patients for the second cohort. Other participating sites include The George Washington University, Banner MD Anderson Cancer Center, Integrity Research Clinical Associates, and Centricity Research.

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Phio Pharmaceuticals (NASDAQ: PHIO) has announced the termination of its share purchase agreement with Triton Funds LP. Initially, this agreement allowed Triton to acquire up to 18.8% of Phio's common stock. Phio is a clinical-stage biotech firm focused on enhancing immune cell efficacy against tumors using its proprietary INTASYL® siRNA gene-silencing technology.

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Phio Pharmaceuticals announced a 1-for-9 reverse stock split, effective July 5, 2024. This measure aims to increase PHIO's trading price to meet Nasdaq's $1.00 minimum bid requirement. Post-split, the outstanding common stock will reduce from 4.6 million to approximately 0.5 million shares, while the par value remains $0.0001 per share. No fractional shares will be issued; instead, shareholders will receive cash for fractions. The company’s new CUSIP number will be 71880W501. Stockholders will receive instructions for share exchanges from Computershare Trust Company, the designated exchange agent.

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Phio Pharmaceuticals (NASDAQ: PHIO) has announced the granting of a new patent in South Korea for its INTASYL RXI-185 compound, which targets UV-induced collagen breakdown in the skin.

This patent, titled 'METHODS FOR TREATING AGING AND SKIN DISORDERS USING NUCLEIC ACIDS TARGETING MMP1,' aims to treat photo-aging and other skin disorders by silencing MMP1 expression and improving skin elasticity and reducing wrinkles.

The newly issued patent adds to Phio’s substantial portfolio, which now includes 81 patents, with 77 specific to the INTASYL siRNA gene silencing technology.

CEO Robert Bitterman highlighted that this patent supports Phio's broader strategy in skin cancer treatment.

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Phio Pharmaceuticals (NASDAQ: PHIO) announced that its Safety Monitoring Committee (SMC) has reviewed safety data from the first dose cohort of the Phase 1b clinical trial of its lead compound, PH-762. This trial evaluates the safety and tolerability of intratumoral PH-762 in cutaneous squamous cell carcinoma (stages 1, 2, 4), melanoma (stage 4), and Merkel cell carcinoma (stage 4). Encouragingly, no dose-limiting toxicities or significant treatment-emergent adverse events were reported. The SMC has recommended escalating to the next dose concentration and enrolling the next cohort.

The Phase 1b study (NCT 06014086) utilizes Phio’s INTASYL™ siRNA gene silencing technology aimed at enhancing the efficacy of immune cells in tumor destruction. Chief Medical Officer Mary Spellman MD emphasized the importance of safety and efficacy data in guiding the continued development of PH-762 and expressed optimism about further enrollment in the study.

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Phio Pharmaceuticals (NASDAQ: PHIO), a clinical-stage biotech firm, announced a major update at the ASCO annual meeting on May 23, 2024. They reported on the completion of the first dose cohort in a Phase 1b study of their lead candidate, PH-762. This open-label trial evaluates the safety and tolerability of PH-762 for neoadjuvant use in treating cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. Stages 1 and 2 cSCC, which make up 77% of new cSCC cases annually, have no approved drug treatments. Mary Spellman, MD, the acting Chief Medical Officer, expressed optimism about PH-762's potential to benefit patients while reducing the need for surgery.

The presentation, titled 'INTASYL™ PH-762: PD-1 Intratumoral Immunotherapy for Cutaneous Carcinoma,' will be delivered by Mary Spellman, MD, on June 1, 2024, from 1:30 to 4:30 PM CDT.

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Phio Pharmaceuticals (Nasdaq: PHIO) announced a purchase agreement with TRITON Funds on May 17, 2024. TRITON Funds will acquire up to 18.8% of Phio's common shares, potentially generating up to $621,000 in gross proceeds for the company. This investment underlines TRITON's confidence in Phio's proprietary INTASYL™ siRNA gene silencing technology, which aims to enhance the effectiveness of immune cells in targeting tumor cells. The funds were offered under a shelf registration statement filed with the SEC in May 2021, ensuring regulatory compliance. Phio's President and CEO, Robert Bitterman, expressed satisfaction with the investment, viewing it as further validation of their innovative approach to treating solid tumors.

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Phio Pharmaceuticals presented data on its lead candidate, PH-762, at the Society for Investigative Dermatology (SID) meeting in Dallas, Texas. PH-762, part of their INTASYL siRNA technology, targets PD-1 to enhance immune cell efficacy against tumors. The preclinical results showed promise, highlighting tumor growth inhibition and extended efficacy in untreated tumors. Toxicokinetic studies in marmoset monkeys confirmed PH-762's safety. PH-762 is in a Phase 1b clinical trial in the US, examining its safety and efficacy in various stages of skin cancers, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.

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Phio Pharmaceuticals has completed dosing the first patient cohort in its Phase 1b trial for PH-762, a lead product designed to enhance immune cell tumor-fighting capabilities using INTASYL™ siRNA gene silencing technology. The trial, conducted across multiple centers, aims to assess the safety, tolerability, and tumor response of intratumoral PH-762 in patients with cutaneous squamous cell carcinoma, melanoma, or Merkel cell carcinoma. Screening for the next dose cohort is ongoing. The study’s results will help determine the recommended dose for further research.

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FAQ

What does Phio Pharmaceuticals Corp. do?

Phio Pharmaceuticals Corp. develops immuno-oncology therapeutics to enhance the effectiveness of immune cells in killing tumor cells using its proprietary INTASYL™ siRNA gene silencing technology.

What is INTASYL™ technology?

INTASYL™ is Phio Pharmaceuticals' proprietary self-delivering RNAi technology designed to target specific proteins that inhibit the body's immune response against cancer, without the need for specialized formulations or delivery systems.

What are Phio's key products?

Phio's key products include PH-762, targeting PD-1; PH-804, targeting TIGIT; and PH-790, targeting PD-L1, all aimed at boosting the immune system’s ability to combat cancer.

Who are Phio's collaboration partners?

Phio collaborates with notable institutions such as Gustave Roussy, Medigene AG, and Helmholtz Zentrum München.

What recent achievements has Phio Pharmaceuticals announced?

Recent achievements include the presentation of new data on PH-762, progress in clinical trials, and new partnerships aimed at advancing their immuno-oncology programs.

What is the financial condition of Phio Pharmaceuticals?

As of the latest reports, Phio Pharmaceuticals has a cash position of $6.5 million. The company has reduced research and development expenses to focus on transitioning from discovery to product development.

What is PH-762?

PH-762 is an INTASYL compound that targets the PD-1 protein on immune cells, enhancing their ability to attack cancer cells. It is currently in Phase 1b clinical trials.

What cancers is PH-762 being tested for?

PH-762 is being tested for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma in its Phase 1b clinical trials.

What is the significance of INTASYL™ technology?

INTASYL™ technology is significant because it allows for precise targeting of proteins that reduce the body's ability to fight cancer, improving the effectiveness of immune cells without the need for specialized drug delivery systems.

Where can I find more information about Phio Pharmaceuticals?

For more information, you can visit Phio Pharmaceuticals' official website at www.phiopharma.com.

Phio Pharmaceuticals Corp.

Nasdaq:PHIO

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