Phio Pharmaceuticals announces exercise of warrants for $2.8M gross proceeds

Phio Pharmaceuticals announced the agreement by several accredited investors to exercise certain outstanding warrants to purchase up to an aggregate of 2,130,252 shares of common stock of the Company originally issued in October 2018 through June 2023, having exercise prices between $5.40 and $4.03 per share, at a reduced exercise price of $1.33 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form S-1 and Form S-3. The gross proceeds to the Company from the exercise of the warrants are expected to be approximately $2.8 million, prior to deducting placement agent fees and estimated offering expenses. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The offering is expected to close on or about December 8, 2023, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes.