Phio Pharmaceuticals Corp (NASDAQ: PHIO) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced collaboration news that excited investors, pushing the stock on a run for the top. Today, we’ll talk about:
- The collaboration news;
- what we’re seeing from PHIO stock as a result; and
- what we’ll be watching for ahead.
PHIO Stock Gains On Clinical Collaboration
As mentioned above, Phio Pharmaceuticals is having a great day in the market today after announcing that it has entered into a research collaboration. The announcement came by way of press release early this morning.
In the release, the company said that it had entered into a research collaboration with Glycostem Therapeutics BV. Through the collaboration, PHIO and Glycostem will explore the potential synergies of using self-delivering RNAi technology in combination with Glycostem’s proprietary Natural Killer-cell (NK-cell) generation technology to develop cellular immunotherapies for cancer treatment with enhance efficacy and/or safety.
In a statement, Dr. Jan Spanholtz, CSO at Glycostem, had the following to offer:
One of the research focuses of Glycostem is novel oNKord® products with improved functions. Towards that goal we have already established several collaborations, and we are glad to expand our efforts in this field in collaboration with Phio Pharmaceuticals. We believe their proprietary self-delivering RNAi technology can provide new and more effective ways for expanding and differentiating NK-cells. In addition, their technology can help overcome immune checkpoints or other immunosuppressive roadblocks that NK-cells may encounter, which may further enhance the efficacy and safety of our cellular therapies.
The above statement was followed up by Dr. Gerrit Dispersyn, President and CEO at PHIO. Here’s what he had to offer:
We are excited to partner with Glycostem, a leading cellular immunotherapy company. Their focus on safe and cost-effective allogeneic approaches with the promise of providing ‘off-the-shelf’ cellular products very much aligns with our vision on the use of innovative technology to create a next generation of very powerful adoptive cell therapies against various cancers.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Phio Pharmaceuticals, the news proved to be overwhelmingly positive.
After all, the collaboration has the potential to lead to blockbuster treatments for ailments that provide patients with little-to-no treatment options. So, it’s not surprising to see that excited investors are sending the stock on a run for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:28), PHIO is trading at $0.46 per share after a gain of $0.33 per share or 7.69% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on PHIO. In particular, we’re interested in following the story surrounding the company’s work with Glycostem as the collaboration has the potential to yield incredible value for shareholders. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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