MARLBOROUGH, Massachusetts - Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a biotechnology company specializing in gene silencing technology for cancer treatment, has received a green light from the Safety Monitoring Committee (SMC) to escalate to the next dose concentration in its Phase 1b clinical trial of PH-762. The decision came after reviewing safety data from the initial cohort, which indicated no dose-limiting toxicities or clinically relevant adverse events.
The trial, which includes patients with various stages of cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma, aims to assess the safety and tolerability of PH-762 when administered directly into tumors. According to the company, the initial cohort tolerated the intratumoral injections well, prompting the SMC to recommend dose escalation and the enrollment of the next cohort.
PH-762 is part of Phio's proprietary INTASYL™ siRNA gene silencing technology platform, which seeks to enhance the efficacy of immune cells in destroying cancer cells. The company's acting Chief Medical Officer, Mary Spellman MD, expressed optimism about the trial's progress and the continued development of PH-762 based on upcoming safety and efficacy data.
Phio Pharmaceuticals, which focuses on immuno-oncology therapeutics, emphasizes that its INTASYL technology does not require specialized formulations or delivery systems, potentially streamlining the treatment process.
The information in this article is based on a press release statement from Phio Pharmaceuticals Corp. It should be noted that the company's forward-looking statements are subject to various risks and uncertainties, including those related to product development, regulatory approvals, and market conditions. Investors are cautioned to consider these factors and not to rely solely on the statements made, as actual results may differ from those projected.
InvestingPro Insights
As Phio Pharmaceuticals Corp. (NASDAQ: PHIO) advances its clinical trial for PH-762, real-time data from InvestingPro paints a detailed financial picture of the company. With a market capitalization of just 3.51 million USD, Phio is a small player in the biotech field. The company's price-to-book ratio as of Q1 2024 stands at 0.63, which may suggest that the stock is potentially undervalued relative to its assets, a point of interest for value-oriented investors.
One of the InvestingPro Tips notes that Phio holds more cash than debt on its balance sheet, a positive indicator of financial stability that could reassure investors of the company's ability to fund ongoing research and trials. Additionally, Phio's liquid assets exceed short-term obligations, further highlighting the company's sound liquidity position.
Nevertheless, Phio's financial performance reflects some challenges. The company has not been profitable over the last twelve months, and it is quickly burning through cash, which is underscored by a negative operating income of -9.23 million USD for the last twelve months as of Q1 2024. These metrics underscore the risks inherent in biotech investing, where substantial cash burn is common before reaching profitability.
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