Marlborough cancer therapy firm raises $8M
Photo | Grant Welker
Phio Pharmaceuticals' office at the Marlborough Technology Center
Phio Pharmaceuticals Corp., a publicly-traded biotechnology firm, has closed its previously announced public offering of 2,246,784 shares of common stock, at a purchase price of $3.42 per share.
The Marlborough company is developing the next generation of immuno-oncology therapeutics which focuses on using the patient's immune cells to recognize and eliminate cancer cells.
Phio said it 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, the firm announced.
Gross proceeds from the offering, before deducting agent fees and other expenses, are $7.7 million.
New York City financial firm H.C. Wainwright & Co. acted as exclusive placement agent for the offering.
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