Phio Pharmaceuticals Corp. (PHIO), a clinical-stage biotechnology company, announced it has entered into definitive agreements for the purchase and sale of 833,335 shares of its common stock at a price of $3.00 per share in a registered direct offering priced at-the-market under Nasdaq rules.
The company will also issue short-term unregistered warrants in a concurrent private placement to purchase up to 1,666,670 shares of common stock, with an exercise price of $3.00 per share.
The offering is expected to raise a total of $2.5 million in gross proceeds, which will be used for working capital and other corporate purposes.
The closing is anticipated to occur on January 15, 2025, subject to customary closing conditions.
Phio Pharmaceuticals uses its proprietary INTASYL siRNA gene silencing technology to enhance the immune system's ability to target and kill cancer cells.
Currently, PHIO is trading at $3.69 up by 38.2%.
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