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MARLBOROUGH - Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical-stage biotech company with a market capitalization of $4.83 million, has reached a new milestone in its ongoing Phase 1b clinical trial, as the Safety Monitoring Committee (SMC) endorsed a higher dose of its leading siRNA compound, PH-762, for further testing. The trial, involving patients with cutaneous squamous cell carcinoma, melanoma, or Merkel cell carcinoma, aims to assess the safety and therapeutic effects of PH-762 when directly injected into tumors. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.65, indicating robust short-term financial stability.
The third cohort of the trial, which included three patients with cutaneous squamous cell carcinoma, showed that PH-762 was well tolerated with no serious adverse events or dose-limiting toxicities observed. These positive results have paved the way for the trial to progress to the next dose concentration. Earlier cohorts also indicated promising outcomes, with some patients experiencing complete or partial tumor clearance and others maintaining stable disease. While the stock currently trades near its 52-week low of $0.97, InvestingPro analysis suggests the company is undervalued, with analysts setting a consensus target price of $4.00.
PH-762 is a part of Phio's proprietary INTASYL® siRNA gene silencing technology, which is designed to boost the immune system's ability to eradicate cancer cells by silencing the PD-1 gene, a known target in cancer therapy. The company's acting Chief Medical Officer, Mary Spellman, MD, expressed confidence in the safety profile of PH-762 and its potential as a non-surgical alternative for treating skin cancer.
Phio's President and CEO, Robert Bitterman, shared optimism for the trial's future, anticipating that PH-762 may present a viable non-surgical option compared to current treatments. Further pathology results related to the efficacy of PH-762 in the third cohort are expected to be released.
This news is based on a press release statement from Phio Pharmaceuticals Corp. The company is advancing its clinical-stage siRNA biopharmaceuticals, focusing on eliminating cancer through its INTASYL technology. The ongoing Phase 1b trial (NCT# 06014086) is a critical step in evaluating PH-762's potential as a treatment for various forms of skin cancer. InvestingPro subscribers have access to 18 additional investment tips and comprehensive financial metrics for PHIO, providing deeper insights into the company's potential growth trajectory and market position.
In other recent news, Phio Pharmaceuticals reported its annual financial results for the period ending December 31, 2024, alongside updates on its clinical trials. The company's ongoing Phase 1b study of PH-762, targeting various skin cancers, has shown promising outcomes. Notably, two patients with cutaneous squamous cell carcinoma achieved complete tumor clearance, while another demonstrated a partial response. The study has expanded to six clinical trial sites, with the second cohort fully enrolled and the third cohort screening underway. Phio Pharmaceuticals also announced the appointment of Mr. David H. Deming to its Board of Directors, bringing extensive experience from his tenure at JP Morgan and Integrated Finance Limited. H.C. Wainwright reaffirmed its Buy rating and $4.00 price target for Phio Pharmaceuticals, citing the promising results from the PH-762 clinical study. The firm highlighted the potential for the study to continue delivering positive data through 2025. Additionally, the trial has been well-tolerated, with no significant adverse effects reported, further supporting the company's ongoing research efforts.
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