On February 11, 2020 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 pricing of an underwritten public offering of an aggregate of 2,000,000 units at a public offering price of $4.00 per unit (Press release, Phio Pharmaceuticals, FEB 11, 2020, View Source [SID1234554148]). Each unit contains one share of common stock (or common stock equivalent) and one warrant to purchase one share of common stock. The Company has granted the underwriter a 30-day option to purchase up to an additional 300,0000 shares of common stock and/or warrants to purchase up to 300,000 shares of common stock. The offering is expected to close on or about February 13, 2020, subject to the satisfaction of customary closing conditions.
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H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
Each warrant included in the units has an exercise price of $4.00 per share. The warrants are immediately exercisable and will expire five years from the date of issuance. The shares of common stock (or common stock equivalent) and the accompanying common warrants can only be purchased together in the offering but will be issued separately.
Phio expects to receive aggregate gross proceeds of approximately $8.0 million, prior to deducting underwriting discounts and commissions and estimated offering expenses and assuming none of the warrants issued in this offering are exercised. The Company intends to use the net proceeds from this offering to fund the development of its immuno-oncology programs, for other research and development activities and for general working capital needs.
The securities described above are being offered by Phio pursuant to a registration statement on Form S-1 (File No. 333-234032) declared effective by the Securities and Exchange Commission (the "SEC") on February 11, 2020. The offering is being made only by means of a prospectus forming a part of the effective registration statement. A preliminary prospectus relating to and describing the terms of the offering was filed with the SEC and is available on the SEC’s website at View Source The final terms of the offering will be disclosed in a final prospectus to be filed with the SEC. When available, electronic copies of the final prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, New York 10022, by e-mailing [email protected] or via telephone at (646) 975-6996 or at the SEC’s website at View Source
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.