Quoin Pharmaceuticals Updates and Q1 2024 Financial Results

Quoin Pharmaceuticals Ltd., a clinical-stage specialty pharmaceutical company focused on rare and orphan diseases, has provided a business update and financial results for the first quarter ending March 31, 2024. The company has made significant strides in its ongoing clinical studies and expanded its intellectual property portfolio.

During the first quarter of 2024, Quoin Pharmaceuticals received FDA clearance to include teenage participants in its Netherton Syndrome clinical studies. These protocol amendments have been fully implemented and include increasing the size of both open-label and blinded studies, adjusting the dosing frequency, and reducing the age of eligibility to fourteen years and older. The studies will now test 50 subjects, with over 30 receiving the target commercial dose of QRX003, either alone or alongside systemic biologics. Quoin believes the data from these studies could be robust enough to support a New Drug Application (NDA) filing without needing additional studies.

In terms of intellectual property, Quoin has filed for U.S. and international patents for a novel combination product aimed at treating Netherton Syndrome and is exploring further patent opportunities related to the product’s clinical and manufacturing processes.

Financially, Quoin has extended its cash runway into late 2025 through a successful public offering and an equity line of credit arrangement. On March 5th, Quoin raised $6.5 million through a public offering. Additionally, an equity line of credit with Alumni Capital, valued at up to $8 million, was approved by shareholders in early April 2024.

Quoin closed the quarter with approximately $14.7 million in cash, cash equivalents, and marketable securities. The net loss for the first quarter of 2024 was about $2.3 million, an improvement from the $2.6 million loss in the same period the previous year.

Corporate highlights from the recent months include:
- FDA clearance on March 4th to recruit teenage subjects into ongoing clinical studies.
- Completion of a public offering on March 5th, generating $6.5 million in gross proceeds.
- Filing of U.S. and international patent applications on February 8th for a novel combination product for Netherton Syndrome.
- An equity line of credit signed with Alumni Capital on January 25th and approved by shareholders on April 5th.

Quoin Pharmaceuticals is committed to addressing unmet medical needs for patients with rare diseases, their families, and care teams. Its product pipeline includes treatments for conditions like Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, and Epidermolysis Bullosa.

The financials for the first quarter show total assets at $16.1 million, with current assets at $15.3 million and total liabilities at $7 million. Shareholders' equity stands at $9.1 million.

In summary, Quoin Pharmaceuticals has made considerable progress in enhancing its clinical trials for Netherton Syndrome, expanding its patent portfolio, and securing its financial position, paving the way for potential significant milestones in the near future.