Marlborough biotech company Phio Pharmaceuticals Corp. announced the pricing of its public stock offering of 10 million shares of its common stock at 10 cents per share for gross proceeds of $1 million.
The offering is expected to close Tuesday subject to the satisfaction of customary closing conditions.
Phio is developing the next generation of immuno-oncology therapeutics to treat cancer. Phio said it intends to use the proceeds to fund the development of its immuno-oncology programs, for other research and development activities, and working capital needs.
The offering comes on the heels of Phio’s stock which tumbled last week after a third quarter earnings report showing increased losses.
The company reported net losses for the quarter of $2.1 million, or 8 cents per share, compared to $1.5 million, or 34 cents per share, for the third quarter of 2018.
These losses were a result of additional operating expenses rising to $1 million for research and development and $1.1 million for general and administrative expenses, compared to $800,000
New York City financial institution H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.
