Quoin Pharmaceuticals Announces Third Quarter 2022 Financial Results and Sees 18% Stock Growth

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX), a clinical stage pharmaceutical company focused on rare and orphan diseases, announced its third-quarter financial results and the market responded—the company’s stock rose 18% percent premarket. Investors are noting how the specialty pharma is executing on its stated goals and that the company is well on track to deliver the first treatment for Netherton Syndrome, a rare and devastating genetic disease with no cure or approved treatment.

In the recent update, Quoin shared that the majority of sites for its clinical study on QRX003 for the treatment of Netherton Syndrome are now open, with the remainder expected to be open by year end. A new website is also expanding patient awareness and participation in the clinical study. Likewise, plans for a second clinical trial to evaluate QRX003 in patients who are currently receiving off-label systemic therapy are underway; the second study will recruit patients who don’t currently qualify for the ongoing trial.

Additional international partnerships for QRX003 as well as the company’s global footprint will support worldwide delivery after approval—the distribution network now covers Australia, New Zealand, Canada, the Middle East, China, Taiwan, Hong Kong, Central and Eastern Europe, Turkey and some countries in Latin AmericaQuoin now has partnerships in place for QRX003 that cover 60 countries.

In addition, Quoin stated that it has completed a public offering for aggregate gross proceeds of $16.8 million and that it ended the third quarter with approximately $15.2 million in cash and marketable securities.

In the announcement, Quoin CEO Dr. Michael Myers shared that, “We are extremely pleased with Quoin’s clinical and operational progress over the quarter as the company continues to execute on its business plan. Our recent, successful public offering underpins confidence in the company’s strategic direction and provides Quoin with sufficient capital into 2024 which is beyond a number of key inflection points.”

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Quoin Pharmaceuticals Announces Third Quarter 2022 Financial Results and Sees 18% Stock Growth

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