Phio Pharmaceuticals Presents New Data for Targeting of BRD4 with its INTASYL™ Compound PH-894

--Preclinical data shows melanoma cells treated with PH-894 makes them more recognizable to immune cells, increasing potential for elimination

--Preclinical data demonstrates the effectiveness of PH-894 as an antitumor cytotoxic agent (directly killing tumor cells)

--Data to be presented at AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in Boston on October 11^th-15^th

MARLBOROUGH, Mass., Oct. 11, 2023 (GLOBE NEWSWIRE) -- Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage biotechnology company whose proprietary INTASYL™ RNAi platform technology is designed to make immune cells more effective in killing tumor cells, today announced the poster presentation of two key preclinical studies of its INTASYL compound PH-894 at the AACR-NCI-EORTC International Conference on Molecular Targets and Cancer Therapeutics in Boston, Massachusetts on October 11^th -15^th.

The first study shows that melanoma cells treated with its PH-894 compound makes them more recognizable to the immune cells. Specifically, the treatment results in an increase in the tumor marker MART-1 (Melanoma tumor-associated antigen) allowing for better recognition and potentially increased killing by T cells. Local treatment with PH-894 presents a strategy to decrease BRD4 expression and upregulate MART-1 expression to increase immune response to cancer cells while reducing toxicities associated with systemic therapies. This study supports further development of PH-894 for injectable solid tumor indications such as melanoma.

The second study demonstrates the effectiveness of PH-894 as an antitumor cytotoxic agent (directly killing tumor cells). The addition of PH-894 to cells in vitro elicited concentration-associated apoptosis of all human cancer cell lines tested, including head and neck squamous cell carcinoma (HNSCC), hepatocellular carcinoma (HCC), breast cancer, lung cancer, glioblastoma, melanoma, colon cancer, ovarian cancer, and cervical cancer.

INTASYL PH-894, a precision self-delivering RNAi therapy, is administered locally and is designed to provide a novel, safer strategy to realize the enormous therapeutic potential of BRD4 inhibition for cancer that has been difficult to attain for small molecule modalities that rely on systemic approaches that generate significant toxicity.

Presentation Details:

About Phio Pharmaceuticals Corp.

Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical stage biotechnology company whose proprietary INTASYL™ RNAi technology is designed to make immune cells more effective in killing tumor cells. INTASYL is the only self-delivering RNAi technology focused on immuno-oncology therapeutics. INTASYL drugs precisely target specific proteins that reduce the body's ability to fight cancer, without the need for specialized formulations or drug delivery systems.

For additional information, visit the Company's website, .

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "intends," "believes," "anticipates," "indicates," "plans," "expects," "suggests," "may," "would," "should," "potential," "designed to," "will," "ongoing," "estimate," "forecast," "target," "predict," "could" and similar references, although not all forward-looking statements contain these words. These statements are based only on our current beliefs, expectations and assumptions and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Examples of forward looking statements include statements regarding PH-894’s potential to increase tumor marker MART-1 and potentially increase killing by T cells, the effectiveness of PH-894 as an antitumor cytotoxic agent and the potential of PH-894 to provide a safer strategy as a cancer therapeutic. Our actual results may differ materially from those indicated in the forward-looking statements as a result of a number of important factors, including, but not limited to, the impact to our business and operations by the inflationary pressures, rising interest rates, recession fears, the development of our product candidates, results from our preclinical and clinical activities, our ability to execute on business strategies, our ability to develop our product candidates with collaboration partners, and the success of any such collaborations, the timeline and duration for advancing our product candidates into clinical development, the timing or likelihood of regulatory filings and approvals, the success of our efforts to commercialize our product candidates if approved, our ability to manufacture and supply our product candidates for clinical activities, and for commercial use if approved, the scope of protection we are able to establish and maintain for intellectual property rights covering our technology platform, our ability to obtain future financing, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption "Risk Factors" and in other filings the Company periodically makes with the SEC. Readers are urged to review these risk factors and to not act in reliance on any forward-looking statements, as actual results may differ from those contemplated by our forward-looking statements. Phio does not undertake to update forward-looking statements to reflect a change in its views, events or circumstances that occur after the date of this release, except as required by law.

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