Phio Pharmaceuticals Corp. (NASDAQ: PHIO) announced that Nitto Denko Avecia, Inc. has commenced the first commercial-scale current good manufacturing practice (cGMP) production of its lead clinical compound, PH-762 drug substance.

Phio entered into a drug substance services agreement with Nitto Denko Avecia in June 2025. Under that agreement, Avecia completed preliminary work including analytical and process development, method validation, cGMP manufacturing, and testing services for PH-762.

The company stated the newly manufactured supply is intended to support an upcoming clinical trial representing the next phase of development for PH-762. Phio recently completed a Phase 1b dose-escalation study of PH-762 in the treatment of cutaneous carcinomas, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.

PH-762 is an siRNA compound that targets the PD-1 gene and is administered intratumorally. Phio describes it as a potential non-surgical treatment for skin cancers.

"The production of our first commercial scale cGMP batch of PH-762 drug substance underscores meaningful progress toward the next stage of development of our lead clinical compound," said Robert Bitterman, President and Chief Executive Officer of Phio Pharmaceuticals.