Marlborough cancer-therapy firm has $33M runway through mid-2023
Photo | Grant Welker
Phio Pharmaceuticals' office at the Marlborough Technology Center
Marlborough drugmaker Phio Pharmaceuticals has ended the first quarter with $32.7 million in cash on hand, amid climbing losses due to increased research and development of its cancer-therapy technology.
In a press release, Phio Pharma reported it had more than doubled cash on hand to $32.7 million compared to the fourth quarter, where it had $14.2 million on hand. With these funds, the company expects to be able to pay for operations into the second quarter of 2023.
However, losses for the company were up amid more research and development spending, with net loss for the quarter of $3.4 million compared with $2.4 million for the same quarter of 2020, according to the release. The company’s research and development costs for this most recent quarter were $2.6 million compared to approximately $1.2 million for the quarter ended March 31, 2020. This increase was attributed to manufacturing costs and fees for the company’s upcoming clinical trials of its cancer-therapy PH-762.
“We have moved to initiate a clinical study using intra-tumoral administration of PH-762 in patients with advanced melanoma, which is expected to begin in the fourth quarter of 2021,” Dr. Gerrit Dispersyn, president and CEO of Phio Pharma, said in a release.
A decline in legal fees allowed the company to cut general and administrative expenses to $1 million for the quarter, compared to $1.1 million for the same quarter in 2020, according to the release.
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