Phio Pharma strengthens financial position to fund 2 more years
Photo | Grant Welker
Phio Pharmaceuticals' office at the Marlborough Technology Center
Marlborough early stage drugmaker Phio Pharmaceuticals, has ended the year in a strong position, with enough funding to continue its current programs for the next two years, the company announced last week.
As of the end of December, and the company’s fourth quarter, it had $14.2 million cash on hand compared with $6.9 million at December 31, 2019, according to a release from the company. Before the end of the fourth quarter, the company raised an additional $21.7 million in gross proceeds through a registered direct offering and a private placement offering.
Phio expects its current cash will be sufficient to fund currently planned operations to the second quarter of 2023.
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.
The firm's net loss was $8.8 million, or $1.92 per share, for 2020, compared with $8.9 million, or $19.33 per share, in 2019. The company attributed the decrease to general and administrative expenses as well as an increase in number of shares as a result of capital raising activities.
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