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Phio Pharmaceuticals Announces $1.74 Million Registered Direct Offering Priced At-the-Market
MARLBOROUGH, Mass., Feb. 5, 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. 5, 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 that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 197,056 shares of the Company's common stock, at a purchase price of $8.83 per share, in a registered direct offering priced at-the-market under Nasdaq rules, for gross proceeds of approximately $1.74 million. The Company has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 197,056 shares of common stock. The closing of the offering is expected to occur on or about February 6, 2020, subject to the satisfaction of customary closing conditions.\nLogo - https://mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg \nH.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.\nThe warrants have an exercise price of $8.71 per share of common stock, will be exercisable immediately upon issuance and will expire five and one-half years following the date of issuance.\nPhio intends to use the net proceeds from the offering to fund the development of its immuno-oncology programs, other research and development activities and for general working capital needs. \nThe shares of common stock (but not the warrants or the shares of common stock underlying the warrants) are being offered by the Company 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. A 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 http://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 [email protected].\nThe warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as ...