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Phio Pharmaceuticals Announces Pricing of $8.0 Million Underwritten Public Offering
MARLBOROUGH, Mass., Feb. 11, 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. 11, 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 pricing of an underwritten public offering of an aggregate of 2,000,000 units at a public offering price of $4.00 per unit. Each unit contains one share of common stock (or common stock equivalent) and one warrant to purchase one share of common stock. The Company has granted the underwriter a 30-day option to purchase up to an additional 300,0000 shares of common stock and/or warrants to purchase up to 300,000 shares of common stock. The offering is expected to close on or about February 13, 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 sole book-running manager for the offering.\nEach warrant included in the units has an exercise price of $4.00 per share. The warrants are immediately exercisable and will expire five years from the date of issuance. The shares of common stock (or common stock equivalent) and the accompanying common warrants can only be purchased together in the offering but will be issued separately. \nPhio expects to receive aggregate gross proceeds of approximately $8.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses and assuming none of the warrants issued in this offering are exercised. The Company 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 securities described above are being 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 is being made only by means of a prospectus forming a part of the effective registration statement. A preliminary prospectus relating to and describing the terms of the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. The final terms of the offering will be disclosed in a final prosp...