Phio Pharmaceuticals Corp. announced on January 21, 2025, the closing of its $1.83 million registered direct offering, which was previously announced on January 16, 2025. This closing, combined with other registered direct offerings and concurrent private placements conducted since the beginning of December 2024, has raised approximately $9.15 million in aggregate gross proceeds for the company.
In addition to these offerings, Phio Pharmaceuticals also generated approximately $2.9 million in gross proceeds from the exercise of warrants that were previously issued on July 12, 2024, with an exercise price of $5.45 per share. This brings the total gross proceeds raised from these financing activities to approximately $12.08 million.
The company intends to use the net proceeds from these financings for working capital and other general corporate purposes. Specifically, these funds are earmarked to support the remaining clinical activities for Phio's Phase 1b clinical trial of its lead product candidate, PH-762, and to advance the PH-894 program. Robert Bitterman, Phio President and CEO, stated that these funds provide a financial pathway to completing the PH-762 Phase 1b clinical trial and moving the PH-894 program forward.
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