PHIO - Phio Pharma announces $14M private placement priced at-the-market

Phio Pharma ([[PHIO]] -5.5%) announces that it has entered into securities purchase agreements with certain institutional and accredited investors to raise about $14M.The company aims to raise the funds through the issuance of its common stock and warrants at a purchase price of $3.07 per share in a private placement priced at-the-market under Nasdaq rules. The warrants have an exercise price of $3 per share.The closing of the private placement is expected to occur on or about January 25, 2021, with H.C. Wainwright & Co. acting as the exclusive placement agent for the offering.The company currently intends to use the net proceeds from the offering for the development of its immuno-oncology programs, other research and development activities and for general working capital needs, it said.

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Phio Pharma announces $14M private placement priced at-the-market