Phio Pharmaceuticals Corp (NASDAQ: PHIO) was up by over 290 per cent on Monday after announcing that its skin cancer treatment drug had completely rid two patients of their tumours. These participants come from the Phase 1b study’s second cohort of four people.
One of the others observed a 90 per cent reduction in their tumour size while the remaining patient’s condition remained stable without progression.
“Phio’s ongoing Phase 1b clinical study is designed to evaluate the safety and tolerability of neoadjuvant use of intratumoral ‘PH-762’ in Stages 1, 2 and 4 cutaneous squamous cell carcinoma, Stage 4 melanoma and Stage 4 Merkel cell carcinoma,” Phio explained in a press release.
The company’s Chief Medical Officer, Mary Spellman, said these results are profound and that she looks forward to ensuing studies that will permit higher dosages of the flagship therapeutic.
This drug utilizes the company’s patented “INTASYL” small interfering RNA (siRNA) technology, which has been developed to provide people with strong immune cells that are better equipped to fight off cancer. Phio received FDA clearance for an Investigational New Drug (IND) application during the second quarter of 2023.
“INTASYL effectively targets messenger RNA [mRNA] to silence specific proteins, genetically encoded in the DNA, that can interfere with the body’s immune cells in killing cancer cells,” the pharmaceutical operator says.
Craig Mello, a Nobel Prize-winning biologist, co-founded Phio. The clinical-stage pharma outfit is not generating significant revenue yet and has been spending a substantial amount of cash on R&D initiatives.
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Alot more cash than debt, thankfully
As of Sept. 30 last year, Phio had a cash balance of US$5.4 million to fund its activities. The company does not have any debt on its balance sheet at the moment.
Phio has been nominated as a finalist for the Technology Disruptor of the Year Award at the upcoming Advanced Therapies Week 2025 conference in Dallas, Texas. It will be held from Jan. 20-23.
In addition to PH-762, the pharmaceutical specialist is focused on advancing PH-894 — another therapeutic used to treat melanoma (the most dangerous skin cancer), liver cancer and HNSCC (head and neck cancers). It is yet to receive IND clearance.
In August last year, Phio announced a collaboration with an anonymous “luxury skin care company” to explore potential uses for INTASYL in targeting skin disorders caused by aging. Observers have speculated that this unnamed company is India’s RAS Luxury Skincare.
Phio Pharmaceuticals is based in Marlborough, Massachusetts.
rowan@mugglehead.com
