Shares of Phio Pharmaceuticals Corp. (PHIO) more than doubled on Wednesday morning after the company announced the Safety Monitoring Committee has recommended to proceed with dose escalation in its clinical trial of PH-762.
PHIO is currently trading at $2.1800, up $1.1700 or 115.8416%, on a huge volume of 100 million shares, above average volume of 6.2 million, on the Nasdaq. The stock opened its trading at $2.1350 after closing Tuesday at $1.0100. The stock has traded between $0.9660 and $9.7900 in the past 52-week period.
PH-762, the company's lead drug candidate works by silencing the PD-1 gene implicated in various forms of skin cancer.
The phase Ib clinical trial is a multi-center, dose-escalating trial designed to evaluate the safety and tolerability of neoadjuvant use of intratumoral PH-762 in cutaneous squamous cell carcinoma, melanoma, or Merkel cell carcinoma. This trial is designed to assess the tumor response and determine the recommended dose for further study of PH-762.
In the third cohort of this trial, three patients with cutaneous squamous cell carcinoma were enrolled. The injections were well tolerated by these patients, with no serious side effects or dose-related issues. The pathology results for the effectiveness of PH-762 in the third group are expected soon.
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