Phio Pharmaceuticals Corp. (NASDAQ: PHIO), a biotechnology firm engaged in developing gene silencing therapies for cancer treatment, announced Thursday the appointment of Robert M. Infarinato as the company's new vice president and chief financial officer.
Infarinato's tenure begins today, taking on the role of Principal Financial (NASDAQ:PFG) Officer with oversight of accounting, finance, treasury, investor relations, and administration.
Infarinato brings over two decades of financial and accounting leadership to Phio, having most recently led a consultancy advising on operational matters, including funding strategies and initial public offerings.
His prior roles include leadership positions at Abington Health, an international service company, Rhone Poulenc Rorer, and Pfizer (NYSE:PFE), where his responsibilities spanned taxation, treasury, and financial management in the healthcare sector.
"Bob's skillset is only exceeded by his breadth of experience across multiple financial functions within the health care space," said Phio's CEO, Robert Bitterman, adding, "I look forward to his participation as a valuable contributor in guiding our company forward."
Phio Pharmaceuticals is currently in the clinical stage and focuses on immuno-oncology therapeutics with its proprietary INTASYL™ siRNA gene silencing technology. INTASYL™ is unique as a self-delivering RNAi technology aimed at enhancing the efficacy of immune cells in destroying cancer cells by targeting specific proteins that impair the body's cancer-fighting abilities.
InvestingPro Insights
As Phio Pharmaceuticals Corp. (NASDAQ: PHIO) welcomes Robert M. Infarinato as their new vice president and chief financial officer, investors are keenly observing the company's financial health and market performance. With a focus on advancing gene silencing therapies for cancer treatment, Phio's strategic moves are under the microscope.
InvestingPro data indicates that Phio holds a market capitalization of $1.63 million, which is reflective of the company's size within the biotechnology sector. Despite the challenges faced by many clinical-stage companies, Phio's balance sheet shows a positive sign, with cash reserves surpassing debt (InvestingPro Tip #0). This could provide the company with the flexibility to navigate through its development phases.
However, the company's financial metrics reveal that it has a negative P/E ratio of -0.18 for the last twelve months as of Q1 2024, suggesting that it has yet to generate a profit. Additionally, Phio's stock performance has been underwhelming, with a significant price decline over the last year, as evidenced by a -86.73% one-year price total return (InvestingPro Tip #12).
On a more encouraging note, analysts predict that the company will be profitable this year (InvestingPro Tip #15), which could be a pivotal change for investors' outlook on the stock. Furthermore, the company's RSI suggests that the stock is currently in oversold territory (InvestingPro Tip #2), potentially indicating an opportunity for investors who believe in the company's long-term vision and the potential of its INTASYL™ technology.
For those interested in a deeper dive into Phio Pharmaceuticals' financials and stock performance, InvestingPro offers a wealth of additional tips—16 more to be exact. These tips can provide valuable insights for investors considering this biotech firm as part of their investment portfolio.
InvestingPro's comprehensive analysis and real-time data, including fair value estimates and earnings projections, are available for those looking to make an informed decision regarding Phio Pharmaceuticals. Visit InvestingPro for further details and expert tips to help guide your investment strategies.
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