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MARLBOROUGH - Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a clinical-stage biotechnology company with a market capitalization of approximately $6 million, announced the appointment of Mr. David H. Deming to its Board of Directors, starting February 19, 2025. The company’s stock, currently trading at $1.74, has experienced significant volatility, down about 75% over the past year. InvestingPro data reveals 14 additional key insights about PHIO’s market performance and financial health. Mr. Deming, with over three decades of experience in investment banking and asset management, will also join the Board’s Nominating Committee.
The addition of Mr. Deming expands the Phio Board to six directors, five of whom are independent. CEO and Chairman Robert Bitterman highlighted Mr. Deming’s biopharma sector expertise and his previous investment banking career as valuable assets to Phio’s mission of advancing their gene silencing technology for cancer treatment. According to InvestingPro analysis, the company maintains a strong current ratio of 6.38, indicating solid short-term financial stability, though it’s currently experiencing rapid cash burn.
David Deming’s career includes a 27-year tenure at JP Morgan, where he led the Health Group in investment banking. Post-JP Morgan, he co-created the SmartNest 401(k) asset allocation product at Integrated Finance Limited, which was later acquired by Dimensional Fund Advisors in 2010. Deming holds a Bachelor of Arts degree in Economics from Hobart College and has served as Chairman on the Hobart and William Smith Colleges Board of Trustees.
Phio Pharmaceuticals is focused on developing therapeutics using its proprietary INTASYL siRNA gene silencing technology, which aims to enhance the body’s immune cells’ ability to eliminate cancer. Their lead clinical program, PH-762, targets PD-1 and is being evaluated as a non-surgical treatment for skin cancers, including cutaneous SCC, melanoma, and Merkel cell carcinoma. Analysts maintain a $4 price target for the stock, suggesting potential upside, though InvestingPro’s Fair Value assessment indicates the stock is currently slightly overvalued.
The information in this article is based on a press release statement from Phio Pharmaceuticals Corp.
In other recent news, Phio Pharmaceuticals has reported notable developments in its ongoing Phase 1b clinical study of PH-762, an RNAi molecule targeting PD-1 for the treatment of skin cancers. The study, which began in 2023, has shown promising results with two patients experiencing complete tumor clearance of cutaneous squamous cell carcinoma. The trial has enrolled seven patients so far and is focused on assessing the safety and tolerability of PH-762, with no dose-limiting toxicities or serious adverse events reported. H.C. Wainwright has maintained a Buy rating on Phio Pharmaceuticals, citing the positive outcomes from the study as a basis for its $4 price target. The firm believes that the potential for the study to yield positive data through 2025 is not fully appreciated by the market. Additionally, Phio Pharmaceuticals has announced promising research results for its compound RXI-231, which has shown potential in treating hyperpigmentation. The study demonstrated RXI-231’s effectiveness in reducing pigmentation in human skin models, although further clinical testing is needed. CEO Robert Bitterman has expressed optimism about these early findings, highlighting the potential of INTASYL compounds in dermatological applications.
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