Post by icemandios on Feb 12, 2021 13:35:20 GMT
Phio Pharmaceuticals Announces $7.7 Million Registered Direct Offering of Common Stock Priced At-the-Market
PR Newswire
MARLBOROUGH, Mass. , Feb. 12, 2021 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of immuno-oncology therapeutics based on its proprietary self-delivering RNAi (INTASYL™) therapeutic platform, today announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale of 2,246, 784 shares of the Company's common stock, at a purchase price of $3.42 per share, in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of approximately $7.7 million . The closing of the offering is expected to occur on or about February 17, 2021 , subject to the satisfaction of customary closing conditions.
Logo - mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Phio currently intends to use the net proceeds from the offering for general working capital needs, including the development of its immuno-oncology programs, other research and development activities and for general corporate purposes.
The shares of common stock are being offered by Phio pursuant to a "shelf" registration statement on Form S-3 (File No. 333-224031) previously filed with the Securities and Exchange Commission (the "SEC") on March 29, 2018 and declared effective by the SEC on April 6, 2018 . The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com .
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi (INTASYL™) therapeutic platform. The Company's efforts are focused on silencing tumor-induced suppression of the immune system through its proprietary INTASYL platform with utility in immune cells and the tumor micro-environment. Our goal is to develop powerful INTASYL therapeutic compounds that can weaponize immune effector cells to overcome tumor immune escape, thereby providing patients a powerful new treatment option that goes beyond current treatment modalities. For additional information, visit the Company's website, www.phiopharma.com .
PR Newswire
MARLBOROUGH, Mass. , Feb. 12, 2021 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of immuno-oncology therapeutics based on its proprietary self-delivering RNAi (INTASYL™) therapeutic platform, today announced that it has entered into definitive agreements with several healthcare-focused institutional investors for the purchase and sale of 2,246, 784 shares of the Company's common stock, at a purchase price of $3.42 per share, in a registered direct offering priced at-the-market under Nasdaq rules for gross proceeds of approximately $7.7 million . The closing of the offering is expected to occur on or about February 17, 2021 , subject to the satisfaction of customary closing conditions.
Logo - mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Phio currently intends to use the net proceeds from the offering for general working capital needs, including the development of its immuno-oncology programs, other research and development activities and for general corporate purposes.
The shares of common stock are being offered by Phio pursuant to a "shelf" registration statement on Form S-3 (File No. 333-224031) previously filed with the Securities and Exchange Commission (the "SEC") on March 29, 2018 and declared effective by the SEC on April 6, 2018 . The offering of the shares of common stock will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC's website at www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at placements@hcwco.com .
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a biotechnology company developing the next generation of immuno-oncology therapeutics based on its self-delivering RNAi (INTASYL™) therapeutic platform. The Company's efforts are focused on silencing tumor-induced suppression of the immune system through its proprietary INTASYL platform with utility in immune cells and the tumor micro-environment. Our goal is to develop powerful INTASYL therapeutic compounds that can weaponize immune effector cells to overcome tumor immune escape, thereby providing patients a powerful new treatment option that goes beyond current treatment modalities. For additional information, visit the Company's website, www.phiopharma.com .