Phio Pharmaceuticals to be Acquired by 03 Life Sciences
Ticker: PHIO · Form: 8-K · Filed: May 28, 2024 · CIK: 1533040
| Field | Detail |
|---|---|
| Company | Phio Pharmaceuticals Corp. (PHIO) |
| Form Type | 8-K |
| Filed Date | May 28, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, corporate-action
TL;DR
Phio Pharmaceuticals is getting bought by 03 Life Sciences, deal expected to close Q3 2024.
AI Summary
Phio Pharmaceuticals Corp. announced on May 28, 2024, that it has entered into a definitive agreement to be acquired by 03 Life Sciences. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition marks a significant development for Phio Pharmaceuticals as it transitions to a new phase of growth under 03 Life Sciences.
Why It Matters
This acquisition signifies a major strategic shift for Phio Pharmaceuticals, potentially leading to new opportunities and resources under the umbrella of 03 Life Sciences.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions, which introduces a degree of uncertainty until completion.
Key Players & Entities
- Phio Pharmaceuticals Corp. (company) — Company filing the 8-K and being acquired
- 03 Life Sciences (company) — Acquiring company
- May 28, 2024 (date) — Date of the report and announcement
- third quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the primary purpose of this 8-K filing?
This 8-K filing is to report the entry into a definitive agreement for the acquisition of Phio Pharmaceuticals Corp. by 03 Life Sciences.
Who is acquiring Phio Pharmaceuticals Corp.?
Phio Pharmaceuticals Corp. is being acquired by 03 Life Sciences.
When is the acquisition expected to be completed?
The transaction is expected to close in the third quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
What was Phio Pharmaceuticals Corp.'s former company name?
Phio Pharmaceuticals Corp.'s former company name was RXi Pharmaceuticals Corp., with a name change date of October 19, 2011.
Filing Stats: 452 words · 2 min read · ~2 pages · Grade level 9.9 · Accepted 2024-05-28 17:00:13
Key Financial Figures
- $0.0001 — h registered: Common Stock, par value $0.0001 per share PHIO The Nasdaq Capital M
Filing Documents
- phio_8k.htm (8-K) — 26KB
- phio_ex9901.htm (EX-99.1) — 11KB
- image_001.jpg (GRAPHIC) — 2KB
- 0001683168-24-003849.txt ( ) — 213KB
- phio-20240528.xsd (EX-101.SCH) — 3KB
- phio-20240528_lab.xml (EX-101.LAB) — 33KB
- phio-20240528_pre.xml (EX-101.PRE) — 22KB
- phio_8k_htm.xml (XML) — 4KB
01. Other Events
Item 8.01. Other Events. On May 28, 2024, Phio Pharmaceuticals Corp. (the "Company") issued a press release announcing that a Safety Monitoring Committee reviewed safety data from the first dose cohort treated in the Phase 1b clinical trial with the Company's lead compound PH-762 and recommended the escalation to the next dose concentration. The full text of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Number Description 99.1 Press Release issued by the Company on May 28, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHIO PHARMACEUTICALS CORP. Date: May 28, 2024 By: /s/ Robert Bitterman Robert Bitterman President & Chief Executive Officer 3