$Phio Pharmaceuticals(PHIO)$ PHIO PHARMACEUTICALS AND AGONOX, INC. ANNOUNCE COLLABORATION ON CLINICAL DEVELOPMENT OF NOVEL T CELL-BASED CANCER IMMUNOTHERAPIES

Under the terms of the collaboration agreement, AgonOx will receive financial support for the clinical trial from Phio and Phio is entitled to certain future development milestones and sales related royalty payments from AgonOx's DP TIL technology.

"Autologous T cell therapies hold a lot of promise, however, there is still a lot of research needed to be done to unlock its full therapeutic potential, including ways to improve upon the first generation of TIL products, and ways to use TIL therapy in more types of cancer," said Dr. Gerrit Dispersyn, President and CEO of Phio Pharmaceuticals. "By joining forces with AgonOx, we believe our collaboration can fulfil these unmet needs, without the need for complex and costly technologies, such as genetic engineering."

"Our collaboration with Phio is based on data showing that PH-762 increases the activity of our CD8 DP TIL technology, therefore we believe this combination should increase the therapeutic efficacy of this first-in-man study," stated by Dr. Andrew Weinberg, President/CSO of AgonOx, Inc. and Full Member at the Earle A. Chiles Research Institute.

Dr. James Cardia, VP of Business Operations of Phio Pharmaceuticals, commented: "Both the clinical community and the investment community are embracing the broad potential of cell-based immunotherapy, and TIL therapy in specific, based on recent clinical and corporate development activities in this field. Our data show the important role that INTASYL based products can play in improving adoptive cell therapy, and we look forward to working with AgonOx to bring better cell therapies to patients."