Marlborough firm raises $1M for cancer research in public offering
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Phio Pharmaceuticals at the Marlborough Technology Center
Phio Pharmaceuticals Corp., a publicly-traded biotechnology firm, has closed its previously announced public offering of 10 million shares of its common stock at 10 cents 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 they intend to use the net proceeds from the offering to fund the development of its immuno-oncology programs, research, and development activities and for general working capital needs.
Chairman Robert Bitterman, Board Directors Geert Cauwenbergh and Robert L. Ferrara, President & CEO Gerrit Dispersyn, Vice President of Business Operations James Cardia, and Vice President of Finance & Administration Caitlin Kontulis, each purchased shares in the offering. The company did not disclose how many shares they bought.
Gross proceeds from the offering, before deducting agent fees and other expenses, are $1 million.
New York City financial firm H.C. Wainwright & Co. acted as exclusive placement agent for the offering.
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