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Name | Symbol | Market | Type |
---|---|---|---|
Quoin Pharmaceuticals Ltd | NASDAQ:QNRX | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0476 | 6.72% | 0.7555 | 0.71 | 0.7555 | 0.7236 | 0.70815 | 0.7189 | 38,346 | 00:47:22 |
Quoin CEO, Dr. Michael Myers, said, “Quoin has made substantial clinical and operational progress over the past few months. Most importantly, we are proud to have initiated our clinical study for QRX003 in Netherton Syndrome, a rare and devastating skin disease with no approved treatment or cure. We are also expanding our product portfolio through the signing of a research agreement to develop a product for the potential treatment of scleroderma with Queensland University of Technology (QUT), further strengthening Quoin’s total commitment to the development of safe and effective treatments for underserved rare and orphan disease patient populations.
During the quarter, we also continued to expand our established global network of licensing and distribution partnerships for QRX003 to what is now eight agreements spanning 60 countries, further supporting our mission of ensuring that every patient, everywhere, may be able to access to our products, once approved.
Recent highlights
Investors are encouraged to read the Company’s Form 6-K when it is furnished to the Securities and Exchange Commission (the “SEC”), which will contain additional details about Quoin’s financial results as of, and for the three and six-month periods ended, June 30, 2022.
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 20-F filed with the SEC on April 14, 2022, 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. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. 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, contact:
Investor RelationsPCG AdvisoryStephanie Princesprince@pcgadvisory.com(646) 863-6341
Quoin Pharmaceuticals Ltd. Consolidated Balance Sheets (Unaudited)
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash | $ | 2,687,847 | $ | 7,482,773 | ||||
Prepaid expenses | 826,803 | 1,015,474 | ||||||
Total current assets | 3,514,650 | 8,498,247 | ||||||
Intangible assets, net | 756,583 | 808,604 | ||||||
Other assets | 50,000 | 50,000 | ||||||
Total assets | $ | 4,321,233 | $ | 9,356,851 | ||||
LIABILITIES AND SHAREHOLDERS' DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 768,670 | $ | 923,239 | ||||
Accrued expenses | 1,864,794 | 1,685,409 | ||||||
Accrued license acquisition | - | 250,000 | ||||||
Accrued interest | 432,170 | 743,840 | ||||||
Due to officers – short term | 600,000 | 600,000 | ||||||
Warrant liability | - | 373,599 | ||||||
Total current liabilities | 3,665,634 | 4,576,087 | ||||||
Due to officers – long term | 3,823,733 | 4,123,732 | ||||||
Total liabilities | $ | 7,489,367 | $ | 8,699,819 | ||||
Commitments and contingencies | ||||||||
Shareholders' (deficit) equity: | ||||||||
Ordinary shares, no par value per share, 50,000,000,000 ordinary shares authorized – 5,065,154,799 (1,013,031 ADSs) | $ | - | $ | - | ||||
ordinary shares issued and outstanding at June 30, 2022 and 3,354,650,799 (670,930 ADSs) at December 31, 2021 | ||||||||
Treasury Stock, 2,641,693 ordinary shares | (2,932,000 | ) | (2,932,000 | ) | ||||
Additional paid in capital | 32,184,820 | 31,659,017 | ||||||
Accumulated deficit | (32,420,954 | ) | (28,069,985 | ) | ||||
Total shareholders' (deficit) equity | (3,168,134 | ) | 657,032 | |||||
Total liabilities and shareholders' equity | $ | 4,321,233 | $ | 9,356,851 |
QUOIN PHARMACEUTICALS LTD.
Quoin Pharmaceuticals Ltd Consolidated Statements of Operations (Unaudited)
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||
General and administrative | $ | 1,941,473 | $ | 737,610 | 3,529,943 | $ | 1,482,583 | |||||||||||||||||||||
Research and development | 726,694 | 239,280 | 1,314,263 | 296,068 | ||||||||||||||||||||||||
Total operating expenses | 2,668,167 | 976,890 | 4,844,206 | $ | 1,778,651 | |||||||||||||||||||||||
Other expenses (income) | ||||||||||||||||||||||||||||
Forgiveness of trade payable | - | - | (416,000 | ) | - | |||||||||||||||||||||||
Fair value adjustment to convertible notes payable | - | 750,000 | - | 1,250,000 | ||||||||||||||||||||||||
Change in fair value of warrant liability | - | 2,223,139 | (77,237 | ) | 4,669,652 | |||||||||||||||||||||||
Financing expense | - | 185,000 | - | 275,000 | ||||||||||||||||||||||||
Interest expense | - | 202,514 | - | 268,111 | ||||||||||||||||||||||||
Total other expense (income) | - | 3,360,653 | (493,237 | ) | 6,462,763 | |||||||||||||||||||||||
Net loss | $ | (2,668,167 | ) | $ | (4,337,543 | ) | $ | (4,350,969 | ) | $ | (8,241,414 | ) | ||||||||||||||||
Loss per ADS | ||||||||||||||||||||||||||||
Loss per ADS | ||||||||||||||||||||||||||||
Basic | $ | (3.24 | ) | $ | (18.05 | ) | $ | (5.83 | ) | $ | (34.30 | ) | ||||||||||||||||
Fully-diluted | $ | (3.24 | ) | $ | (18.05 | ) | $ | (5.83 | ) | $ | (34.30 | ) | ||||||||||||||||
Weighted average number of ADSs outstanding | ||||||||||||||||||||||||||||
Basic | 822,877 | 240,292 | 746,903 | 240,292 | ||||||||||||||||||||||||
Fully-diluted | 822,877 | 240,292 | 746,903 | 240,292 | ||||||||||||||||||||||||
1 Year Quoin Pharmaceuticals Chart |
1 Month Quoin Pharmaceuticals Chart |
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