Quoin Pharmaceuticals Updates on Corporate Status and Q3 2024 Financials

Quoin Pharmaceuticals Ltd., a clinical-stage specialty pharmaceutical company dedicated to developing innovative treatments for rare and orphan diseases, recently shared a business update and announced its financial results for the third quarter ending September 30, 2024. The company highlighted significant advancements, including the initiation of a clinical program for Peeling Skin Syndrome, the expansion of Netherton Syndrome clinical trials internationally, and substantial insider share purchases by Quoin's management team.

Dr. Michael Myers, CEO of Quoin, emphasized the importance of these milestones, particularly the launch of the clinical study for QRX003, which targets Peeling Skin Syndrome. This rare genetic condition, currently with no available treatments or cures, marks an important step as Quoin initiates the first-ever formal clinical study for this syndrome. The study will take place in New Zealand and is expected to pave the way for QRX003 to be tested for additional indications in the future.

In addition to this new clinical program, Quoin has been actively expanding its ongoing clinical trials for QRX003 in treating Netherton Syndrome. The company announced the opening of two additional clinical sites in the United Kingdom, recognized for their clinical excellence, with plans to further extend these trials into other countries in Europe. This expansion aims to enhance the scope and reach of QRX003’s potential therapeutic benefits.

An important aspect that underscores Quoin’s confidence in its future growth is the significant insider share purchases made by the entire management team, including the CEO, COO, and CFO. These purchases signal strong leadership confidence in the company’s strategic direction and long-term value creation.

Financially, Quoin reported having approximately $10.3 million in cash, cash equivalents, and marketable securities as of September 30, 2024. This financial position is expected to support the company’s operations into late 2025. For the third quarter of 2024, Quoin recorded a net loss of approximately $2.3 million, slightly higher than the $1.9 million net loss reported for the same period in 2023. For the nine-month period ending September 30, 2024, the net loss stood at approximately $6.7 million, marginally higher compared to the $6.6 million loss during the same period in the previous year.

Looking ahead, Quoin remains committed to advancing its clinical programs and expanding the potential indications for QRX003. The initiation of clinical studies for additional rare diseases, such as Peeling Skin Syndrome, and the global expansion of Netherton Syndrome trials are vital components of Quoin’s strategy to offer new treatments to patients with significant unmet medical needs. The company is also evaluating opportunities for mergers and acquisitions within the rare and orphan disease space as part of its long-term growth strategy.

Quoin Pharmaceuticals Ltd. is dedicated to addressing the unmet medical needs of patients, their families, and the broader healthcare community. With an innovative pipeline that includes multiple products in development, Quoin aims to target a variety of rare and orphan indications, such as Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, and Epidermolysis Bullosa.

In conclusion, Quoin’s recent advancements in clinical programs, international expansion, and the demonstration of management’s confidence through insider share purchases highlight the company’s commitment to growth and the development of life-changing treatments for underserved patient populations. As Quoin continues to progress, it remains focused on delivering meaningful therapeutic options for rare diseases, driving forward with its clinical and strategic objectives.