Phio Pharmaceuticals Terminates 03 Life Sciences License
Ticker: PHIO · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1533040
| Field | Detail |
|---|---|
| Company | Phio Pharmaceuticals Corp. (PHIO) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $621,000, $6.48, $5.23 |
| Sentiment | neutral |
Sentiment: neutral
Topics: licensing-agreement, asset-rights, strategic-alternatives
TL;DR
Phio Pharmaceuticals just terminated its deal with 03 Life Sciences for PH-762, taking back all rights. Now what?
AI Summary
Phio Pharmaceuticals Corp. announced on July 3, 2024, the termination of its exclusive license agreement with 03 Life Sciences for the development and commercialization of PH-762. This termination is effective immediately, and Phio Pharmaceuticals will retain all rights to PH-762. The company is now exploring strategic alternatives for the asset.
Why It Matters
This termination signifies a shift in strategy for Phio Pharmaceuticals, as they regain full control of PH-762 and will now seek new avenues for its development and commercialization.
Risk Assessment
Risk Level: medium — The termination of a key license agreement introduces uncertainty regarding the future development and commercialization of the associated asset, PH-762.
Key Players & Entities
- Phio Pharmaceuticals Corp. (company) — Registrant
- 03 Life Sciences (company) — Former licensee
- PH-762 (drug_candidate) — Licensed asset
- July 3, 2024 (date) — Date of termination
FAQ
What was the effective date of the termination of the license agreement?
The termination of the exclusive license agreement with 03 Life Sciences was effective immediately as of July 3, 2024.
Which asset was subject to the terminated license agreement?
The terminated license agreement was for the development and commercialization of PH-762.
Who is Phio Pharmaceuticals Corp. terminating the agreement with?
Phio Pharmaceuticals Corp. is terminating the agreement with 03 Life Sciences.
What rights does Phio Pharmaceuticals retain after the termination?
Following the termination, Phio Pharmaceuticals retains all rights to PH-762.
What is Phio Pharmaceuticals planning to do with PH-762 now?
Phio Pharmaceuticals is exploring strategic alternatives for the PH-762 asset.
Filing Stats: 803 words · 3 min read · ~3 pages · Grade level 10.5 · Accepted 2024-07-05 08:01:01
Key Financial Figures
- $0.0001 — h registered: Common Stock, par value $0.0001 per share PHIO The Nasdaq Capital M
- $621,000 — gross proceeds to the Company of up to $621,000. Pursuant to the terms of the Purchase
- $6.48 — rchase Agreement at a purchase price of $6.48 per share (as adjusted to account for t
- $5.23 — price of the Company's Common Stock was $5.23 per share. On July 3, 2024, the Compan
Filing Documents
- phio_8k.htm (8-K) — 29KB
- phio_ex9901.htm (EX-99.1) — 4KB
- image_001.jpg (GRAPHIC) — 2KB
- 0001683168-24-004683.txt ( ) — 207KB
- phio-20240703.xsd (EX-101.SCH) — 3KB
- phio-20240703_lab.xml (EX-101.LAB) — 33KB
- phio-20240703_pre.xml (EX-101.PRE) — 22KB
- phio_8k_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On July 5, 2024, the Company issued a press release relating to the matters described in Item 1.02 above. A copy of the press release is attached as Exhibit 99.1 to this report and is 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 July 5, 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: July 5, 2024 By: /s/ Robert Bitterman Name: Robert Bitterman Title: President & Chief Executive Officer 3