MARLBOROUGH, MA - Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a biotechnology company focused on developing treatments to enhance cancer immunotherapy, has announced the University of Pittsburgh Medical Center (UPMC) as a new site for its Phase 1b clinical trial of PH-762.
The trial, which examines the safety and efficacy of the therapy in patients with certain types of skin cancer, has been given the green light to increase dosage following a positive safety review.
UPMC joins a group of clinical sites across the U.S., including The George Washington University-Medical Faculty Associates, Banner (NASDAQ:BANR) MD Anderson Cancer Center, Integrity Research Clinical Associates, and Centricity Research, in studying PH-762's potential in treating cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.
PH-762 is an INTASYL compound that aims to silence the PD-1 protein, which can inhibit T cells' ability to destroy cancer cells. The study is actively enrolling patients into its second cohort to further understand the drug's safety profile and to determine the appropriate dosage for future research.
Robert Bitterman, CEO of Phio Pharmaceuticals, expressed enthusiasm about the expansion, emphasizing the expertise in immuno-oncology at the participating centers. The company's INTASYL technology is unique in its approach to gene silencing, intending to boost the immune system's natural cancer-fighting abilities.
The ongoing trial is non-comparative and focuses on the neoadjuvant use of PH-762, which is administered directly into tumors. The primary goals are to assess safety, tolerability, and initial responses to the treatment.
The information in this article is based on a press release statement from Phio Pharmaceuticals.
In other recent news, Phio Pharmaceuticals announced the termination of its share purchase agreement with Triton Funds LP, which previously allowed Triton the option to acquire up to 18.8% of Phio's common stock. Concurrently, Phio has made significant strides in its clinical trials and research initiatives, progressing to the next dose concentration in its Phase 1b clinical trial of PH-762 after positive safety data from the initial cohort. Additionally, the company secured a South Korean patent for its INTASYL RXI-185 compound, targeting skin aging and disorders, further expanding its portfolio.
Phio Pharmaceuticals also secured an investment from TRITON Funds, resulting in the purchase of approximately 18.8% of its common shares, which is expected to yield gross proceeds of up to $621,000. The company presented new preclinical data on its INTASYL Compound PH-905 at the 10th Immunotherapy of Cancer Conference in Munich, Germany, demonstrating its potential to enhance the effectiveness of natural killer cells in fighting cancer.
InvestingPro Insights
As Phio Pharmaceuticals Corp. (NASDAQ: PHIO) continues to advance its Phase 1b clinical trial with the addition of UPMC, investors are closely monitoring the company's financial health and stock performance. According to real-time data from InvestingPro, Phio's market capitalization stands at a modest 2.68 million USD, reflecting the size and speculative nature of this biotech player. Despite the challenges, an InvestingPro Tip suggests that the company holds more cash than debt on its balance sheet, which could provide some financial flexibility as it funds ongoing research and development activities.
Another noteworthy metric is the company's Price / Book ratio from the last twelve months as of Q1 2024, which is currently at 0.48. This ratio can be indicative of how the market values the company's net assets, with a value under 1 potentially suggesting that the stock may be undervalued relative to its book value. However, it's important to note that this metric should be considered in the context of the industry and the individual financial situation of the company.
Investors should be aware that while the company does not pay a dividend, analysts predict Phio will be profitable this year, which could be a turning point for the company's financials. For those interested in deeper analysis, InvestingPro offers additional tips, with a total of 15 InvestingPro Tips available for Phio Pharmaceuticals. These tips can provide further insights into the company's performance and potential investment risks or opportunities.
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