On June 2, 2023, Phio Pharmaceuticals Corp. closed the transaction. The company announced it has amended the terms of the transaction.

The company issued 934,579 shares at an issue price of $4.08 per share for the gross proceeds of $3,999,998. Each series of warrants has an exercise price of $4.03 per share and is exercisable immediately. The Series A warrants have a term of five and one-half years from the date of issuance and the Series B warrants have a term of eighteen months from the date of issuance.

The company received $2,999,373 from 3 investors pursuant to exemption provided under Regulation D.