Phio Pharmaceuticals Reports First Quarter 2023 Financial Results and Provides Business Update.

MARLBOROUGH, Mass: Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL RNAi platform technology is designed to make immune cells more effective in killing tumor cells, today reported its financial results for the quarter ended March 31, 2023 and provided a business update.

"Expecting to commence the Phase 1 clinical trial in adoptive cell therapy (ACT) with our partner AgonOx, by the end of the second quarter of 2023 is the next major milestone in our development strategy," said Robert Bitterman, Phio Pharmaceuticals' President and Chief Executive Officer. "The trial in collaboration with AgonOx is designed to assess safety and potential enhanced therapeutic benefit from the administration of Phio's PH-762 treated 'double positive' CD8 tumor infiltrating lymphocytes (DP TIL) in patients with melanoma and other advanced solid tumors."

Recent Business Updates

Presented two abstracts at the American Association for Cancer Research (AACR) Annual Meeting 2023 in April, which included:

In vivo data showing that intratumoral administration of mPH-762 stimulated a local anti-tumor immune response and generated systemic tumor-reactive memory T cells. These data further support intratumoral use of PH-762 in the clinical setting, with deeper understanding of the mechanism of abscopal efficacy.

Pre-clinical data showing that intratumoral administration of dual-targeting PD-1/CTLA-4 INTASYL may provide an effective treatment option, with an improved safety profile compared to a combination PD-1/CTLA-4 systemic therapy.

Will be presenting an abstract at the American Society of Gene and Cell Therapy in May 2023, which includes:

Pre-clinical data demonstrating that using INTASYL to silence TIGIT and CBLB-B may be used to improve the anti-tumor response of NK cells, creating a more effective cell therapy for treating cancer.

Strengthened the balance sheet in April 2023 through an equity offering priced at-the-market under Nasdaq rules for net proceeds of approximately $1.7 million, after deducting placement agent fees and offering expenses.

Financial Results

Cash Position

At March 31, 2023, the Company had cash of $9.0 million as compared with $11.8 million at December 31, 2022. Subsequent to the end of the first quarter of 2023, the Company completed an equity offering of common stock and warrants for net proceeds of approximately $1.7 million, after deducting placement agent fees and offering...