Business
Phio Pharmaceuticals Reports First Quarter 2020 Financial Results and Provides Business Update
MARLBOROUGH, Mass., May 12, 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., May 12, 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 reported its financial results for the quarter ended March 31, 2020 and provided a business update.\nLogo - https://mma.prnewswire.com/media/786567/Phio_Pharmaceuticals_Logo.jpg \n\"We closed out the first quarter of 2020 with promising new preclinical data from animal studies, which validate the potential of our INTASYL technology as a cancer immunotherapy platform for innovative therapeutics. Over the next several weeks, at three major scientific conferences, we will present additional data from these studies conducted with our lead asset, PH-762, as well as other pipeline products,\" said Dr. Gerrit Dispersyn, President and CEO of Phio. \"With the recent coronavirus outbreak, the Phio management team and I have taken proactive measures to protect the health and safety of our employees. I am proud of the entire team's hard work and dedication to the advancement of our programs as we face this global crisis. Thanks to the team's efforts the impact to our operations to date has been minimal.\" \nQuarter in Review and Recent Corporate Updates\nPresented promising new animal data from various studies that validates the potential of the INTASYL technology as a cancer immunotherapy platform for developing novel compounds. Abstracts submitted and accepted for the presentation of preclinical data at three upcoming scientific conferences, including the American Society of Gene & Cell Therapy (ASGCT) 2020 Annual Meeting on May 12th, ASCO20 Virtual Scientific Program on May 29th, and American Association for Cancer Research (AACR) Virtual Annual Meeting II on June 22nd. Announced a collaboration and option agreement with Medigene AG as part of a broader collaboration with the Helmholtz Zentrum München and Medigene AG to design and develop new targets based on the INTASYL platform for use in cancer immunotherapies. Raised total gross proceeds of $13.74 million through financing activities completed in February 2020 and April 2020. Financial Results\nCash Position \nAt March 31, 2020, the Company had cash of $13.3 million as compared with $6.9 million at December 31, 2019. During ...