Quoin Pharmaceuticals Corporate Update and Q2 2024 Financial Results
ASHBURN, Va., Aug. 08, 2024 – Quoin (NASDAQ: QNRX), a clinical-stage pharmaceutical company specializing in novel treatments for rare and orphan diseases, has provided a comprehensive business update and disclosed financial results for the three and six months ending June 30, 2024.
Dr. Michael Myers, CEO of Quoin, highlighted the company's significant milestones achieved during the quarter. A notable development was the initiation of a research partnership with University College Cork, Ireland. This collaboration aims to develop several topical formulations of rapamycin (sirolimus) using the university's proprietary dissolvable microneedles delivery system. Quoin plans to advance any successful formulations into clinical trials as potential treatments for various rare and orphan diseases.
Quoin has made substantial progress in the clinical development of its lead product, QRX003, aimed at treating Netherton Syndrome. The company announced the international expansion of its ongoing clinical trials, with the first site to be established in Saudi Arabia. An experienced local Clinical Research Organization (CRO) has been engaged to oversee all activities. Additionally, Quoin has contracted a European-based CRO to facilitate the expansion of clinical trials into several EU countries. All international sites will operate under Quoin's open Investigational New Drug application with the US Food and Drug Administration.
Earlier this week, Quoin revealed plans to commence a clinical study for Peeling Skin Syndrome, a rare genetic disorder with no currently approved treatments. The first clinical site and patient have been identified, and the company is working diligently to initiate testing as soon as possible.
Throughout the quarter, Quoin continued to explore various promising M&A opportunities in the realm of rare and orphan diseases, maintaining this as a priority for the remainder of 2024.
Recent Corporate Highlights:
- On June 12th, Quoin announced a research agreement with University College Cork, Ireland.
- On June 27th, Quoin announced the international expansion of clinical trials for Netherton Syndrome.
Financial Highlights:
As of June 30, 2024, Quoin reported approximately $12.6 million in cash, cash equivalents, and marketable securities, projected to fund operations until late 2025. The net loss for the second quarter of 2024 was around $2.0 million, showing a slight improvement from the $2.1 million loss in the same period in 2023. The net loss for the first six months of 2024 stood at $4.3 million, compared to $4.7 million in the corresponding period of 2023.
Investors are encouraged to review the company's forthcoming Report on Form 10-Q to be filed with the Securities and Exchange Commission, which will provide additional details on Quoin's financial performance for the period ending June 30, 2024.
About Quoin Pharmaceuticals Ltd.:
Quoin Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing therapeutic products for rare and orphan diseases. The company's innovative pipeline includes four products targeting a range of rare conditions such as Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa, and others.
Quoin remains committed to addressing unmet medical needs for patients, their families, communities, and care teams. The company's progress in research, clinical trials, and financial stability underscores its dedication to making impactful advancements in the field of rare diseases.
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