Marlborough biopharma firm Phio Pharmaceuticals has enrolled its first patient in a clinical trial, entering the next phase of its strategic plan to move into the clinical development space.
In February, the company named its board chair to the CEO role ahead of plans to move from pure discovery research to clinical trials and treatment development. The clinical trial is for the treatment of squamous cell and other skin cancers. Phio announced the patient enrollment with its third quarter financial update.
In the financial report released Thursday, the company showed a $2.8-million net loss, or $1.14 per share. The loss is due to changes in research-and-development expenditures related to the strategic plans.
The company decreased its general and administrative expenses as compared to the same quarter of 2022, achieved through reduced use of business development consultants. The company has cash reserves totaling $8.4 million as of the end of quarter three.
