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Phio Pharmaceuticals Announces $7.7 Million Registered Direct Offering of Common Stock Priced At-the-Market
MARLBOROUGH, Mass., Feb. 12, 2021 /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. 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.\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.\nPhio 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.\nThe 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 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].\nThis 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...