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Phio Pharmaceuticals Announces $4 Million Concurrent Registered Direct Offering and Private Placement Priced At-the-Market Under Nasdaq Rules
MARLBOROUGH, Mass., May 31, 2023 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL™
About this update from Phio Pharmaceuticals Corp.
[{"type":"text","content":"MARLBOROUGH, Mass., May 31, 2023 /PRNewswire/ -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL™ RNAi platform technology is designed to make immune cells more effective in killing tumor cells, today announced that it has entered into definitive agreements for the issuance and sale of an aggregate of 233,646 of its shares of common stock at a purchase price of $4.28 per share in a registered direct offering. In a concurrent private placement, Phio has also agreed to issue and sell an aggregate of 700,935 of its shares of common stock (or common stock equivalents), at the same purchase price of $4.28 per share (or common stock equivalent) as in the registered direct offering. In addition, the Company has agreed to issue in the offerings unregistered Series A warrants to purchase up to an aggregate of 934,581 shares of common stock and unregistered Series B warrants to purchase up to an aggregate of 934,581 shares of common stock. The registered direct offering and the private placement were priced at-the-market under Nasdaq rules. The offerings are expected to close on or about June 2, 2023, 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 offerings.\nEach series of warrants will have an exercise price $4.03 per share and become exercisable immediately upon issuance. The Series A warrants have a term of five and one-half years from the date of issuance and the Series B warrants have a term of eighteen months from the date of issuance.\nThe gross proceeds to the Company from the concurrent offerings are expected to be approximately $4 million, before deducting the placement agent's fees and other offering expenses payable by Phio. Phio currently intends to use the net proceeds from the offerings for the development of its immuno-oncology programs, working capital and general corporate purposes.\nThe shares of common stock (or common stock equivalents) offered in the registered direct offering (but excluding the securities offered in the private placement and the shares of common stock underlying the unregistered warrants issued in the registered direct offering) are being offered and sold by the Company pursua...