Recent Updates
Recently added Catalysts
PHIO Negative Sentiment

Phio Pharmaceuticals Terminates Share Purchase Agreement with Triton Funds

Key Takeaway: Phio Pharmaceuticals has announced the termination of its share purchase agreement with Triton Funds, which allowed Triton to acquire up to 18.8% of the company's common stock. This decision raises concerns about the company's financial health and future funding opportunities. Phio is known for its INTASYL® siRNA gene silencing technology aimed at enhancing immune cell efficacy against tumors.
Price reaction · baseline $5.2272 (2024-07-03 close) · hit pre-market · 1 other PHIO headline(s) in the window, move may be shared
day 0 close
+0.3%

Market Sentiment Analysis

CONCERNS & RISKS

  • Termination of the share purchase agreement may indicate financial instability.
  • Loss of potential investment from Triton Funds could affect future funding.
  • The decision may impact investor confidence in Phio Pharmaceuticals.

BiopharmaWatch Analysis

From our catalyst data and publicly available data · not financial advice
Cash runway
~9 mo
Medium dilution risk
Lead asset
DP CD8 TIL
Phase 1 · HNSCC

Full Press Release Details

Marlborough, Massachusetts–(Newsfile Corp. – July 5, 2024) – Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical stage biotechnology company whose proprietary INTASYL® siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells, today announced it has terminated its share purchase agreement with Triton Funds LP, which afforded Triton the opportunity to purchase up to 18.8% of the Company’s common stock.
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (NASDAQ: PHIO) is a clinical stage biotechnology company whose proprietary INTASYL® siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells. INTASYL is the only self-delivering RNAi technology focused on immuno-oncology therapeutics. INTASYL drugs precisely target specific proteins that reduce the body’s ability to fight cancer, without the need for specialized formulations or drug delivery systems.
For additional information, visit the Company’s website, www.phiopharma.com .
Contact: Phio Pharmaceuticals Corp. ir@phiopharma.com
PR Contact Michael Adams Bridge View Media adams@bridgeviewmedia.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/215358

Frequently Asked Questions

What agreement did Phio Pharmaceuticals terminate?

Phio Pharmaceuticals terminated its share purchase agreement with Triton Funds.

What was the potential stake for Triton Funds?

Triton Funds had the opportunity to purchase up to 18.8% of Phio's common stock.

What technology does Phio Pharmaceuticals focus on?

Phio focuses on INTASYL® siRNA gene silencing technology for immuno-oncology.

How might this termination affect Phio's funding?

The termination may indicate financial instability and affect future funding opportunities.

Last updated: Jul 5, 2024