Quoin Pharmaceuticals Advances on First Quarter Earnings; Clinical Updates

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Shares in specialty pharmaceutical company, Quoin Pharmaceuticals (Nasdaq: QNRX) rose in morning trading on Thursday after the company announced its financial results for the first quarter ended March 31, 2024 and provided a business update.

“We are pleased to announce this encouraging start to 2024 as throughout the past quarter we successfully built upon the positive momentum from last year,” commented Quoin CEO, Dr. Michael Myers.

Based on positive initial clinical data in its two ongoing clinical studies evaluating its lead candidate QRX003 in Netherton Syndrome patients, Quoin made a number of protocol amendments to both studies during the quarter. The company believes the data set from both clinical studies could potentially be sufficiently robust to support a New Drug Application (NDA) filing, without the need for additional clinical studies.

“We believe we have enhanced the potential for a successful outcome,” stated Dr. Myers.

During the quarter, Quoin also received FDA clearance to recruit pediatric subjects aged 14 and older into its two studies. Combined, the two studies will test a total of 50 Netherton Syndrome subjects.

Operational Highlights 

During the quarter, Quoin’s operational highlights included:

  • A successful public offering of securities with gross proceeds of $6.5 million.
  • The filing of U.S. and international patent applications for a novel Netherton Syndrome combination product.
  • Signing of an equity line of credit with Alumni Capital for up to $8 million that was approved by shareholders on April 5, 2024.

Quoin had approximately $14.7 million in cash, cash equivalents and marketable securities as of March 31, 2024, representing a cash runway extending into late 2025.

About Quoin Pharmaceuticals Ltd.

Quoin Pharmaceuticals Ltd. is a clinical stage specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to addressing unmet medical needs for patients, their families, communities and care teams. Quoin’s innovative pipeline comprises four products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa and others. For more information, visit: www.quoinpharma.com or LinkedIn for updates.

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Quoin Pharmaceuticals Advances on First Quarter Earnings; Clinical Updates

Catie Corcoran

Biotech Editor