WATCH: Philadelphia police release new video of two suspects in Penn State student's fatal robbery

Philadelphia police have released video of the two suspects sought in the investigation into the murder of a Pennsylvania State University student who was coming home from an NBA Finals watch party.

The Philadelphia Police Department released the video after Billy Schmidt, 22, was killed during an armed robbery attempt that happened Saturday at about 1:30 a.m. Officers found the college student with a gunshot wound to his chest. He was taken to a local hospital but pronounced dead at 1:47 a.m.

Police Wednesday night released video of two suspects in the killing and armed robbery of Schmidt, saying the two threw away their sweatshirts and masks in the area of 22nd and Porter streets.

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The shooter was described by police as a Black male between 5’3″ and 5’5″ "wearing all dark (black) clothing with a light gray camouflage-colored facemask." Officials said this person was armed with a handgun.

LISTEN: DISPATCH AUDIO CAPTURES FRANTIC HUNT FOR SUSPECT IN PENN STATE SENIOR'S FATAL SHOOTING

The second suspect was described by police as 5’8″ with braids and was "wearing a light gray colored custom designed "KONFUSED" brand hooded sweatshirt with a design on the front that includes three skulls and crossbones with a bejeweled halo above each skull."

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Investigators said Schmidt was on his way home after he watched the NBA Finals with his friends when he was robbed at about 1:30 a.m. Saturday.

Earlier released surveillance video appears to show Schmidt saying, "Give me my phone" as he chased the suspects. A phone could be seen thrown on the ground, then seconds later a gunshot could be heard.

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Schmidt was a student at Penn State World Campus studying journalism, and was set to graduate in December.

His father, Bill Schmidt, told Fox News in an interview he found his son's phone at the crime scene.

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"I found the phone on 19th. I called police after. I didn't realize I touched it," he said. "They're trying to get DNA, and they have a print on the phone, but they don't know if it's mine, Billy's, or the person who threw it. But they're trying get DNA off the phone."

Anna Schmidt, Billy Schmidt’s sister, said "I hope they find these animals and put them in cages for the rest of their lives."

"They deserve to spend the rest of their life in jail for taking away my brother. And I don't think no one will ever understand this pain that they have caused. They are animals for doing that to him. He was unarmed. And all this for a phone? It just doesn't even make sense," she said.

The Philadelphia Police Department is asking anyone with information about the suspects to contact 215-686-3334/3335 and is offering a reward of $20,000 for information that leads to an arrest and conviction.

Fox News' CB Cotton contributed to this report.