Shares of clinical-stage biotechnology company Phio Pharmaceuticals (NASDAQ:PHIO) are surging upward today after the U.S. Food and Drug Administration (FDA) gave a go-ahead for Phio’s Investigational New Drug (IND) application for PH-762.
PH-762, the lead product candidate of the company, is capable of lowering the expression of PD-1 protein which can inhibit the cancer cell destroying ability of T-cells. The company now plans to begin the Phase 1b trial of the drug for the treatment of cutaneous squamous cell carcinoma, melanoma, and Merkel cell in the second half of this year.
The clinical trial is designed to assess the safety and tolerability of PH-762 while also assessing tumor response and dose range for a continued study.
Despite today’s price gains, shares of the company are still down nearly 49% over the past year.
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