08:36 AM EST, 12/19/2024 (MT Newswires) -- Phio Pharmaceuticals ( PHIO ) said Thursday its safety monitoring committee has approved progressing to a higher dose level in its phase 1b trial of PH-762, an investigational therapy for advanced skin cancers, following positive safety data from the second dose group.

The company said the trial evaluates the safety and tolerability of PH-762, delivered through intratumoral injections, in stages 1, 2, and 4 cutaneous squamous cell carcinoma, stage 4 melanoma and stage 4 Merkel cell carcinoma.

In the second dose group, which comprises four patients with cutaneous squamous cell carcinoma, two patients showed tumor reductions, with one achieving complete clearance, Phio said. Data from the remaining two patients is pending, the company added.

The company's shares were up more than 27% in recent Thursday premarket activity.