Phio Pharmaceuticals Corp. (PHIO) dropped 5.61% to $1.9350, down $0.1150, following dual announcements: the company exercised outstanding warrants to raise approximately $2.5 million in gross proceeds and reported positive pathology results from its lead siRNA cancer therapy trial.
In the financing announcement, Phio entered into agreements to exercise warrant shares totaling 928,596 at exercise prices of $2.00 and $2.485 per share, and in return issued new unregistered warrants covering up to 1,857,192 additional shares exercisable at $2.485.
In the clinical trial update, the Phase 1b intratumoral study of its INTASYL® therapy, PH-762, in cutaneous squamous cell carcinoma showed complete pathologic response (100% tumor clearance) in 2 of 3 patients in the third cohort.
On the day of the announcements, PHIO opened near $2.04, reached a high of $2.06, and a low of $1.92, compared to its previous close of $2.05. Trading volume increased significantly above average amid investor focus on the warrant dilution risk and promising early efficacy signals. The stock's 52-week range is approximately $1.20 - $3.50.
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