Qualigen Therapeutics, Inc. Receives Nasdaq Notice Regarding Delayed Form 10-K Filing
21 Avril 2023 - 11:46PM
Qualigen Therapeutics, Inc. (“Qualigen” or “the Company,” Nasdaq:
QLGN), a diversified life sciences company focused on developing
treatments for adult and pediatric cancers with potential for
Orphan Drug Designation, while also commercializing diagnostics,
today reports that on April 20, 2023, it received a letter from the
Nasdaq Stock Market LLC (“Nasdaq”) relating to the Company’s
failure to timely file its Annual Report on Form 10-K for the year
ended December 31, 2022 (the “Form 10-K”) as required under Section
5250(c) of Nasdaq Rules regarding the Qualification, Listing and
Delisting of Companies (the “Nasdaq Listing Rules”). On March 31,
2023, the Company filed Notification of Late Filing on Form 12b-25
(the “Form 12b-25”), indicating that the filing of its Form 10-K
will be delayed until after the completion of the accounting and
disclosures related to the Company’s acquisition of a majority
interest in NanoSynex, Ltd included in its Annual Report.
Although the Company dedicated significant
resources to the completion of its audited consolidated financial
statements and related disclosures for inclusion in the Form 10-K,
the Company was unable to complete and file the Form 10-K prior to
April 17, 2023, the extension period provided by the Form 12b-25.
The delay was due primarily to the Company’s acquisition of a
majority interest in NanoSynex, Ltd. and additional information and
investigation needed in relation to the Company’s financial
statements to complete the audit. Under Nasdaq Listing Rule
5810(c)(2)(F)(i), the Company generally has 60 calendar days from
the date of the deficiency letter to submit to Nasdaq a plan (the
“Compliance Plan”) to regain compliance with the Nasdaq Listing
Rules.
This notification has no immediate effect on the
listing of the Company's common stock on the Nasdaq. However, if
the Company fails to timely regain compliance with the Nasdaq
Listing Rule, the Company's common stock will be subject to
delisting from Nasdaq.
The Company is working diligently and expects to
file the Form 10-K within the 60-day period, which ends
on June 20, 2023, which would eliminate the need for the
Company to submit a formal plan to regain compliance.
About Qualigen
Therapeutics, Inc.
Qualigen Therapeutics, Inc. is a diversified
life sciences company focused on developing treatments for adult
and pediatric cancer, while also commercializing diagnostics. Our
investigational QN-302 compound is a small molecule selective
transcription inhibitor with strong binding affinity to G4s
prevalent in cancer cells; such binding could, by stabilizing the
G4s against “unwinding,” help inhibit cancer cell proliferation.
The investigational compounds within Qualigen’s family of RAS
oncogene protein-protein interaction inhibitor small molecules are
believed to inhibit or block the binding of mutated RAS genes’
proteins to their effector proteins, thereby leaving the proteins
from the mutated RAS unable to cause further harm. In theory, such
mechanism of action may be effective in the treatment of about one
quarter of all cancers, including certain forms of pancreatic,
colorectal, and lung cancers. Our investigational QN-247 compound
inhibits nucleolin, a key multi-functional regulatory protein that
is overexpressed in cancer cells; QN-247 may thereby be able to
inhibit the cells’ proliferation. QN-247 has shown promise in
preclinical studies for the treatment of acute myeloid leukemia
(AML). In addition to its oncology drug pipeline, Qualigen has an
established diagnostics business which manufactures and distributes
proprietary and highly accurate rapid blood testing systems to
physician offices and small hospitals for the management of
prostate cancer and other diseases and health conditions.
For more information about Qualigen
Therapeutics, Inc., please visit www.qualigeninc.com.
Forward-Looking Statements
This news release contains forward-looking
statements by Qualigen that involve risks and uncertainties and
reflect the Company’s judgment as of the date of this release.
These statements include those related to the Company’s expected
timing for filing the Form 10-K and its ability to regain
compliance with Nasdaq’s continued listing requirements. These
statements are subject to risks and uncertainties, and actual
results may differ materially from these statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this release. The
Company disclaims any intent or obligation to update any
forward-looking statements beyond the date of this release, except
as required by law. This caution is made under the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Contact:
Jules AbrahamJQA Partners,
Inc.917-885-7378jabraham@jqapartners.com
Source: Qualigen Therapeutics, Inc.
Qualigen Therapeutics (NASDAQ:QLGN)
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