Full Press Release Details
Pharmaceuticals Announces Agreement with U.S. Manufacturing Source for Drug Substance
covers contract development and manufacturing of lead compound PH-762
of Prussia, Pennsylvania-(Newsfile Corp.-July 25, 2025) - Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical-stage siRNA biopharmaceutical
company developing therapeutics using its proprietary INTASYL gene silencing technology to eliminate cancer. Phio announced today
it has entered into a comprehensive drug substance development services agreement with a U.S. manufacturer. The company will analytical
and process development and cGMP manufacture of Phio's lead development compound PH-762. This represents a critical next step in
advancing Phio's intratumoral program to treat cutaneous carcinomas. Phio is currently enrolling patients for the 5th and expected
final cohort in its Phase 1b dose escalation study for cutaneous squamous cell carcinoma, Merkel cell carcinoma and melanoma.
"We are delighted to be partnering with an organization known
for its quality and expertise in oligonucleotide chemistry sequencing." said Mr. Bitterman, Phio's President and CEO. "Additionally,
we value the strategic advantages to our management team of working with a U.S. based organization."
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical-stage siRNA
biopharmaceutical company advancing its INTASYL gene silencing technology focused on immuno-oncology therapeutics. Phio's
INTASYL compounds are designed to enhance the body's immune cells to more effectively kill cancer cells. Phio's lead clinical
program is an INTASYL compound, PH-762, that silences the PD-1 gene implicated in various forms of skin cancer. The on-going Phase 1b
trial (NCT# 06014086) is evaluating PH-762 for the treatment of cutaneous squamous cell carcinoma, melanoma and Merkel cell carcinoma.
PH-762 is a potential non-surgical treatment for skin cancers.
For additional information, visit the Company's website, www.phiopharma.com.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "intends,"
"believes," "anticipates," "indicates," "plans," "expects," "suggests," "may,"
"would," "should," "potential," "designed to," "will," "ongoing," "estimate,"
"forecast," "target," "predict," "could" and similar references, although not all forward-looking
statements contain these words. Examples of forward-looking statements contained in this press release include, among others, the possibility
that our INTASYL siRNA gene silencing technology will make the body's immune cells more effective in killing cancer cells and
statements regarding our commercial and clinical strategy, development plans and timelines and other future events.
These statements are based only on our current beliefs, expectations
and assumptions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements
as a result of a number of important factors, including, but not limited to, the impact to our business and operations by inflationary
pressures, rising interest rates, recession fears, the development of our product candidates, results from our preclinical and clinical
activities, our ability to execute on business strategies, our ability to develop our product candidates with collaboration partners,
and the success of any such collaborations, the timeline and duration for advancing our product candidates into clinical development,
the timing or likelihood of regulatory filings and approvals, the success of our efforts to commercialize our product candidates if approved,
our ability to manufacture and supply our product candidates for clinical activities, and for commercial use if approved, the scope of
protection we are able to establish and maintain for intellectual property rights covering our technology platform, our ability to obtain
future financing, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports
on Form 10-Q under the caption "Risk Factors" and in other filings the Company periodically makes with the SEC. Readers are
urged to review these risk factors and to not act in reliance on any forward-looking statements, as actual results may differ from those
contemplated by our forward-looking statements. Phio does not undertake to update forward-looking statements to reflect a change in its
views, events or circumstances that occur after the date of this release, except as required by law.
Phio Pharmaceuticals Corp.
Jennifer Phillips: jphillips@phiopharma.com