PHIO - Phio Pharmaceuticals closes $7.7M capital raise

Phio Pharmaceuticals (PHIO) announces the closing of its previously announced registered direct offering of 2.2M shares at a price of $3.42/share with gross proceeds of about $7.7M.The company intends to use the net proceeds from the offering for general working capital needs, including the development of its immuno-oncology programs, other research and development activities, and for general corporate purposes.H.C. Wainwright acted as the exclusive placement agent for the offering.Shares down nearly 2% post market.

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Phio Pharmaceuticals closes $7.7M capital raise