Phio Pharmaceuticals Secures New Investor

--Fund invests in microcap equities

MARLBOROUGH, Mass., May 17, 2024 (GLOBE NEWSWIRE) -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells, today announced it has entered into a purchase agreement with TRITON Funds.

Subject to the terms of the purchase agreement, TRITON will purchase up to approximately 18.8% of Phio’s common shares yielding gross proceeds of up to $621,000 to the Company. Axel Olson, investment representative at TRITON Funds, remarked: “TRITON believes intelligent scientific innovation, when combined with exceptional management, is a proven strategy for success. Our investment in Phio Pharmaceuticals, with its INTASYL technology, embodies this philosophy.”

“We are very pleased to have TRITON Funds take a significant position in our Company,” said Robert Bitterman, Phio President and CEO. “Their investment in microcap companies which develop breakthrough technologies establishes further recognition for our INTASYL program as a unique alternative for treatment of solid tumors.”

The securities described above were offered pursuant to an effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 13, 2021 and declared effective by the SEC on May 21, 2021 (File No. 333-256100). A final prospectus supplement containing additional information relating to the offering, will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Phio Pharmaceuticals Corp.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical stage biotechnology company whose proprietary INTASYL siRNA gene silencing technology is designed to make immune cells more effective in killing tumor cells. INTASYL is the only self-delivering RNAi technology focused on immuno-oncology therapeutics. INTASYL drugs precisely target specific proteins that reduce the body's ability to fight cancer, without the need for specialized formulations or drug delivery systems.