Quoin Pharmaceuticals Provides Corporate Update and Announces First Quarter 2024 Financial Results
09 Mai 2024 - 2:30PM
Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or
“Quoin”), a clinical stage, specialty pharmaceutical company
focused on developing and commercializing novel treatments for rare
and orphan diseases, today provides a business update and announces
financial results for the first quarter ended March 31, 2024.
Quoin CEO, Dr. Michael Myers, said, “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.
Following a series of protocol amendments to both of our ongoing
clinical studies in Netherton Syndrome subjects, we believe we have
enhanced the potential for a successful outcome. All of the
protocol amendments, which were based on positive initial clinical
data, have been cleared by the FDA and have now been fully
implemented. The amendments include increasing the size of the
open-label and blinded studies to 20 and 30 subjects respectively,
modifying dosing frequency to twice-daily from once-daily,
eliminating the lower dose from the blinded study and reducing the
age of eligibility to fourteen years and older. Combined the two
studies will test a total of 50 Netherton subjects with over 30 of
those tested being treated with QRX003 at the target commercial
dose, either as monotherapy or in conjunction with systemic
biologics. The Company believes the data set from both clinical
studies could potentially be sufficiently robust and comprehensive
to support an NDA filing, without the need for any additional
clinical studies in Netherton subjects.
During the quarter, we expanded our intellectual property
portfolio by the filing of US and International patent applications
for a novel combination product as a treatment for Netherton
Syndrome. We continue to explore additional patent opportunities
for the product in both clinical and in the manufacturing of the
active ingredient and finished product. Finally, via the
combination of a successful public offering and the execution of an
equity line of credit arrangement, we have extended our cash runway
into late 2025, which is well beyond a number of potentially
significant milestones for the Company.
Recent Corporate Highlights –
- On March 4th,
Quoin announced FDA Clearance to recruit teen subjects into both
ongoing Netherton Syndrome clinical studies.
- On March 5th,
Quoin completed a public offering of securities with gross proceeds
of $6.5 million.
- On February 8th,
Quoin filed U.S. and International patent applications for a novel
Netherton Syndrome combination product.
- On January 25,
Quoin Signed an equity line of credit with Alumni Capital for up to
$8 million that was approved by shareholders on April 5th
2024.
Financial Highlights
- Quoin had
approximately $14.7 million in cash, cash equivalents and
marketable securities as of March 31, 2024.
- Net loss for the
quarter ended March 31, 2024 was approximately $2.3 million
compared to approximately $2.6 million for the quarter ended March
31, 2023.
- Investors are
encouraged to read the Company’s 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 March 31, 2024.
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. All statements that reflect the Company’s
expectations, assumptions, projections, beliefs, or opinions about
the future, other than statements of historical fact, are
forward-looking statements, including, without limitation,
statements relating to the Company’s expected cash runway, the
belief that the data set from both clinical studies could
potentially be sufficiently robust and comprehensive to support an
NDA filing, without the need for any additional clinical studies in
Netherton subjects, and the belief that certain protocol changes
has enhanced the potential for a successful outcome and Quoin’s
products in development 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. 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
including, but not limited to, the Company may need to raise
additional funds sooner than planned, the clinical studies may not
generate data which is sufficiently robust and comprehensive to
support an NDA filing and the Company’s ability to obtain
regulatory approvals. More detailed information about the risks and
uncertainties affecting the Company is summarized in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2023 and
in other filings the Company has made and may make with the SEC in
the future. 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 AdvisoryJeff
Ramson646-863-6893jramson@pcgadvisory.com
-Tables Follow-
QUOIN PHARMACEUTICALS, LTD. |
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Consolidated Balance Sheets |
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March
31, |
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December
31, |
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2024 |
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2023 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
1,833,524 |
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|
$ |
2,401,198 |
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|
Investments |
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12,856,448 |
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|
|
8,293,663 |
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Prepaid expenses and other current assets |
|
|
574,904 |
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|
|
591,034 |
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Total
current assets |
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|
15,264,876 |
|
|
|
11,285,895 |
|
|
|
|
|
|
|
|
|
|
|
Prepaid expenses - long term |
|
|
300,000 |
|
|
|
300,000 |
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Intangible assets, net |
|
|
558,334 |
|
|
|
583,334 |
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|
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Total
assets |
|
$ |
16,123,210 |
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|
$ |
12,169,229 |
|
|
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
|
$ |
358,510 |
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|
$ |
526,523 |
|
|
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Accrued expenses |
|
|
2,119,194 |
|
|
|
1,308,706 |
|
|
|
Accrued interest and financing expense |
|
|
1,146,251 |
|
|
|
1,146,251 |
|
|
|
Due to officers - short term |
|
|
600,000 |
|
|
|
600,000 |
|
|
|
|
Total
current liabilities |
|
|
4,223,955 |
|
|
|
3,581,480 |
|
|
|
|
|
|
|
|
|
|
|
Due to officers - long term |
|
|
2,773,733 |
|
|
|
2,923,733 |
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|
|
|
Total
liabilities |
|
$ |
6,997,688 |
|
|
$ |
6,505,213 |
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Shareholders' equity: |
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Ordinary shares, no par value per share, 100,000,000 ordinary
shares authorized at |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
March 31,
2024 and December 31, 2023, respectively - 3,795,970 (3,795,970
ADS's) ordinary shares issued and outstanding at March 31, 2024 and
987,220 (987,220 ADS's) at December 31, 2023 |
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|
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Additional paid in capital |
|
|
57,656,122 |
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|
|
51,867,336 |
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Accumulated deficit |
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|
(48,530,600 |
) |
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(46,203,320 |
) |
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Total
shareholders' equity |
|
|
9,125,522 |
|
|
|
5,664,016 |
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Total
liabilities and shareholders' equity |
|
$ |
16,123,210 |
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$ |
12,169,229 |
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QUOIN PHARMACEUTICALS LTD. |
Consolidated Statements of Operations
(unaudited) |
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Three months ended March 31, |
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|
2024 |
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|
2023 |
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|
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Operating
expenses |
|
|
|
|
General and administrative |
|
$ |
1,615,452 |
|
|
$ |
1,683,817 |
|
Research and development |
|
|
842,832 |
|
|
|
1,091,733 |
|
|
|
|
|
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Total operating expenses |
|
|
2,458,284 |
|
|
|
2,775,550 |
|
|
|
|
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Other
(income) and expenses |
|
|
|
|
Unrealized loss (gain) |
|
|
6,509 |
|
|
|
(20,427 |
) |
Realized and accrued interest income |
|
|
(137,513 |
) |
|
|
(152,054 |
) |
Total other income |
|
|
(131,004 |
) |
|
|
(172,481 |
) |
Net
loss |
|
$ |
(2,327,280 |
) |
|
$ |
(2,603,069 |
) |
|
|
|
|
|
|
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Loss per
ADS |
|
|
|
|
Basic |
|
$ |
(1.11 |
) |
|
$ |
(4.09 |
) |
Fully-diluted |
|
$ |
(1.11 |
) |
|
$ |
(4.09 |
) |
|
|
|
|
|
Weighted average number of ADS's outstanding |
|
|
Basic |
|
|
2,103,292 |
|
|
|
637,217 |
|
Fully-diluted |
|
|
2,103,292 |
|
|
|
637,217 |
|
Quoin Pharmaceuticals (NASDAQ:QNRX)
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