Phio Pharmaceuticals Corp. (NasdaqCM:PHIO) announced that it has entered into securities purchase agreements with certain institutional and accredited investors for a private placement of 4,420,863 shares at a purchase price of $3.07 per shares, 140,065 pre-funded warrants exercisable for a total of 140,065 shares of common stock at a purchase price of $3.069 per prefunded warrant with an exercise price of $0.001 per prefunded warrant share and 3,420,696 warrants exercisable for a total of 3,420,696 shares of common stock with an exercise price of $3.00 per common warrant share, for gross proceeds of approximately $14,001,908.895 on January 21, 2021. The warrants have an exercise price of $3.00 per share, are exercisable immediately and have a term of five and one-half years. The prefunded warrants are immediately exercisable upon issuance and may be exercised at any time until all of the prefunded warrants are exercised in full. The transaction is expected to close on or about January 25, 2021, subject to the satisfaction of customary closing conditions.