Quoin Pharmaceuticals Provides Corporate Update and Announces Second Quarter 2023 Financial Results
02 Agosto 2023 - 3:45PM
Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or
“Quoin”), a clinical stage, specialty pharmaceutical company
focused on rare and orphan diseases, today provides a business
update and announces financial results for the second quarter of
2023, ended June 30, 2023.
Quoin CEO, Dr. Michael Myers, said, “We are
excited to announce positive clinical data for the first subject to
complete our ongoing open—label clinical study in Netherton
Syndrome patients. While we strongly caution that this data is just
from a single subject, the positive nature of the data across all
assessed clinical endpoints is indeed noteworthy. With both of our
clinical studies on track to having a majority of patients enrolled
by the end of August, we look forward to releasing additional
clinical data in due course. I am also pleased to announce that
across both ongoing clinical studies to date, QRX003 is
demonstrating an exemplary safety profile. The generation of this
first clinical data is a milestone for Quoin and we hope that it
could represent an important step towards providing a safe and
effective treatment for such a devastating disease.”
Corporate Highlights –
- On May 24th
2023, less than 3 months after the first patient had been dosed in
its open label clinical trial in Netherton Syndrome patients, Quoin
announced that the study had achieved 50% enrollment. The trial is
a single arm, open label study, investigating the safety and
efficacy of Quoin’s lead candidate, QRX003, in Netherton Syndrome
patients who are currently receiving off-label systemic therapy,
primarily biologic therapy, and will continue to do so throughout
the duration of the study.
- Today, the
company is announcing positive clinical data for the first patient
to complete testing in the company’s open-label study in Netherton
Syndrome patients. As determined by the clinical site Investigator,
the subject’s skin was assessed to be fully clear at the QRX003
treatment sites on completion of the study. The subject’s skin was
also assessed to be clear by a well-recognized visual scoring
index. Importantly, the subject also had a positive impression of
QRX003 across a number of metrics. Furthermore, the patient’s
pruritis or itch at the QRX003 treatment site was negligible,
representing a substantial improvement from baseline.
- During the
quarter, the company began assessing a number of other potential
supportive studies for QRX003 in Netherton Syndrome outside of the
US, including one in pediatric patients, and one in pre-identified
patients in the Middle East.
- Also, during the
quarter, Quoin continued to advance its two rare disease research
programs with Queensland University of Technology for treatment of
Scleroderma and Netherton Syndrome and anticipates initiation of
clinical testing in Australia for at least one of these programs in
2H 2023.
- Progress was
made during the quarter towards the initiation of proof of concept
clinical testing for QRX003 in other indications including SAM
Syndrome, Peeling Skin Syndrome and Palmoplantar Keratoderma
Financial Highlights
- Quoin had
approximately $15.4 million in cash, cash equivalents and
marketable securities as of June 30, 2023.
- Net loss for the
quarter ended June 30, 2023 was approximately $2.1 million compared
to approximately $2.7 million for the quarter ended June 30, 2022,
and net loss for the six months ended June 30, 2023 was $4.7
million compared to $4.4 million for the six months ended June 30,
2022.
- Investors are
encouraged to read the Company’s Quarterly Report on Form 10-Q when
it is filed with the Securities and Exchange Commission (the
“SEC”), which will contain additional details about Quoin’s
financial results as of and for the period ended June 30,
2023.
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.
Cautionary Note Regarding Forward
Looking Statements
The Company cautions that statements in this
press release that are not a description of historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words referencing future
events or circumstances such as “expect,” “intend,” “plan,”
“anticipate,” “believe,” and “will,” among others. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon the Company’s current expectations and involve
assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties. More
detailed information about the risks and uncertainties affecting
the Company is contained under the heading “Risk Factors” included
in the Company’s Annual Report on Form 10-K for the year ended
December 31, 2022 that the Company filed with the SEC. One should
not place undue reliance on these forward-looking statements, which
speak only as of the date on which they were made. The Company
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made, except as may be required by law.
For further information:
PCG AdvisoryStephanie
Princesprince@pcgadvisory.com(646) 863-6341
-Tables Follow-
QUOIN
PHARMACEUTICALS LTD.Condensed Consolidated
Balance Sheets
|
|
June 30, |
|
December 31, |
|
|
2023 |
|
2022 |
|
|
(Unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,759,129 |
|
|
$ |
2,860,628 |
|
Investments |
|
|
10,680,160 |
|
|
|
9,992,900 |
|
Prepaid expenses |
|
|
234,226 |
|
|
|
516,584 |
|
Total current assets |
|
|
15,673,515 |
|
|
|
13,370,112 |
|
|
|
|
|
|
|
|
Prepaid expenses - long term |
|
|
383,390 |
|
|
|
383,390 |
|
Intangible assets, net |
|
|
652,539 |
|
|
|
704,561 |
|
Total assets |
|
$ |
16,709,444 |
|
|
$ |
14,458,063 |
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
707,935 |
|
|
$ |
605,600 |
|
Accrued expenses |
|
|
1,834,653 |
|
|
|
1,175,705 |
|
Accrued interest and financing expense |
|
|
1,146,251 |
|
|
|
1,146,251 |
|
Due to officers – short term |
|
|
725,000 |
|
|
|
600,000 |
|
Total current liabilities |
|
|
4,413,839 |
|
|
|
3,527,556 |
|
|
|
|
|
|
|
|
Due to officers – long term |
|
|
3,223,733 |
|
|
|
3,523,733 |
|
Total liabilities |
|
$ |
7,637,572 |
|
|
$ |
7,051,289 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Ordinary shares, no par value per share, 500,000,000,000 ordinary
shares authorized – 59,233,024,799 (987,217 ADS’s) ordinary shares
issued and outstanding at June 30, 2023 and
24,233,024,799 (403,884 ADS’s) at December 31, 2022 |
|
$ |
— |
|
|
$ |
— |
|
Treasury stock, 2,641,693, ordinary shares |
|
|
(2,932,000 |
) |
|
|
(2,932,000 |
) |
Additional paid in capital |
|
|
54,230,635 |
|
|
|
47,855,521 |
|
Accumulated deficit |
|
|
(42,226,763 |
) |
|
|
(37,516,747 |
) |
Total shareholders’ equity |
|
|
9,071,872 |
|
|
|
7,406,774 |
|
|
|
|
|
|
|
|
Total liabilities and shareholders’ equity |
|
$ |
16,709,444 |
|
|
$ |
14,458,063 |
|
|
|
|
|
|
|
|
|
|
QUOIN
PHARMACEUTICALS LTD.Condensed Consolidated
Statements of Operations (Unaudited)
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
1,634,960 |
|
|
$ |
1,941,473 |
|
|
$ |
3,318,777 |
|
|
$ |
3,529,943 |
|
Research and development |
|
|
625,104 |
|
|
|
726,694 |
|
|
|
1,716,837 |
|
|
|
1,314,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
2,260,064 |
|
|
|
2,668,167 |
|
|
|
5,035,614 |
|
|
|
4,844,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Forgiveness of accounts payable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(416,000 |
) |
Warrant liability (income) expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(77,237 |
) |
Unrealized loss |
|
|
34,472 |
|
|
|
— |
|
|
|
14,045 |
|
|
|
— |
|
Interest income |
|
|
(187,589 |
) |
|
|
— |
|
|
|
(339,643 |
) |
|
|
— |
|
Total other income |
|
|
(153,117 |
) |
|
|
— |
|
|
|
(325,598 |
) |
|
|
(493,237 |
) |
Net loss |
|
$ |
(2,106,947 |
) |
|
$ |
(2,668,167 |
) |
|
$ |
(4,710,016 |
) |
|
$ |
(4,350,969 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per
ADS |
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(2.13 |
) |
|
$ |
(38.91 |
) |
|
$ |
(5.79 |
) |
|
$ |
(69.90 |
) |
Fully-diluted |
|
$ |
(2.13 |
) |
|
$ |
(38.91 |
) |
|
$ |
(5.79 |
) |
|
$ |
(69.90 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
ADS’s outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
987,217 |
|
|
|
68,573 |
|
|
|
813,184 |
|
|
|
62,242 |
|
Fully-diluted |
|
|
987,217 |
|
|
|
68,573 |
|
|
|
813,184 |
|
|
|
62,242 |
|
Quoin Pharmaceuticals (NASDAQ:QNRX)
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Quoin Pharmaceuticals (NASDAQ:QNRX)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024