On November 20, 2019 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, reported the closing of its previously announced public offering of 10,000,000 shares of its common stock at a public offering price of $0.10 per share (Press release, Phio Pharmaceuticals, NOV 20, 2019, View Source [SID1234551532]). The Company’s Chairman, Robert Bitterman; board director, Geert Cauwenbergh; board director, Robert L. Ferrara; President & CEO, Gerrit Dispersyn; VP of Business Operations, James Cardia and VP of Finance & Administration, Caitlin Kontulis, each purchased shares in the offering. The gross proceeds from the offering, before deducting placement agent fees and other offering expenses, are approximately $1.0 million.
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H.C. Wainwright & Co. acted as exclusive placement agent for the offering.
Phio intends to use the net proceeds from the offering to fund the development of its immuno-oncology programs, for other research and development activities and for general working capital needs.
The shares of common stock described above were offered by Phio pursuant to a shelf registration statement on Form S-3 (File No. 333-224031) filed with the Securities and Exchange Commission (the "SEC") on March 29, 2018 and declared effective by the SEC on April 6, 2018. The final terms of the offering were disclosed in a prospectus supplement filed with the SEC on November 18, 2019. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, via e-mail at [email protected] or via telephone at (646) 975-6996.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.