Phio Pharmaceuticals announces $2M registered direct offering

Phio Pharmaceuticals announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 353,983 of its shares of common stock at a purchase price of $5.65 per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, Phio has also agreed to issue and sell unregistered Series A warrants to purchase up to an aggregate of 353,983 shares of common stock and unregistered Series B warrants to purchase up to an aggregate of 353,983 shares of common stock. The offering is expected to close on or about April 20, 2023, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. Each series of warrants will have an exercise price $5.40 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. The gross proceeds to the company from the offering are expected to be approximately $2M before deducting the placement agent’s fees and other offering expenses payable by Phio. Phio currently intends to use the net proceeds from the offering for the development of its immuno-oncology programs, working capital and general corporate purposes.