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Phio Pharmaceuticals Announces Closing of $8.0 Million Underwritten Public Offering
MARLBOROUGH, Mass., Feb. 13, 2020 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a biotechnology company developing the next generation of
About this update from Phio Pharmaceuticals Corp.
[{"type":"text","content":"MARLBOROUGH, Mass., Feb. 13, 2020 /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 the closing of its previously announced underwritten public offering of 993,633 units at a public price of $4.00 per unit and 1,006,367 pre-funded units at a public price of $3.999 per pre-funded unit, raising gross proceeds of approximately $8.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses.\nhttps://mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg \nH.C. Wainwright & Co. acted as the sole book-running manager for the offering.\nPhio intends to use the net proceeds from this offering to fund the development of its immuno-oncology programs, for other research and development activities and for general working capital needs. \nThe Company has also granted the underwriter a 30-day option to purchase up to an additional 300,000 shares of common stock and/or warrants to purchase up to 300,000 shares of common stock, which option to purchase warrants was exercised by the underwriter.\nEach unit sold in this offering contains one share of common stock and one warrant to purchase one share of common stock. Each pre-funded unit sold in this offering contains one pre-funded warrant to purchase one share of common stock at an exercise price of $0.001 per share and one warrant to purchase one share of common stock. Each warrant included in the units has an exercise price of $4.00 per share, is immediately exercisable and will expire five years from the date of issuance. The shares of common stock (or the pre-funded warrants, as the case may be) and the accompanying warrants included in the units or pre-funded units were purchased together in this offering, but were issued separately.\nThe securities described above were offered by Phio pursuant to a registration statement on Form S-1 (File No. 333-234032) declared effective by the Securities and Exchange Commission (the \"SEC\") on February 11, 2020. The offering was made only by means of a prospectus forming a part of the effective registration statement. Electronic copies of the final prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, ...