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CARLSBAD, Calif. - Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a small-cap biotech with a market capitalization of $5.77 million, announced Wednesday that it has secured multiple patents for its cancer drug QN-302 across Europe, India, China, and Russia during the first half of 2025. According to InvestingPro analysis, the company maintains a healthy balance sheet with cash exceeding debt levels.
The patents, titled "Substituted Naphthalene Diimides and Their Use," cover the product and its manufacturing methods for QN-302, a drug developed by Professor Stephen Neidle and his team at University College London and licensed by Qualigen.
The patent protection extends into 2040 and covers more than 20 European countries, representing the majority of Europe’s population. Similar patent coverage has been granted in India, China, and Russia.
"Having the patents granted covering so much of the world’s population strengthens our position as a drug development company," said Kevin Richardson II, CEO of Qualigen. "By assuring such strong coverage will allow us to continue bringing QN-302 to market and treating patients suffering from Pancreatic and Gastrointestinal Cancer."
QN-302 is being developed for the treatment of pancreatic and gastrointestinal cancers.
The company stated in a press release that it will provide periodic updates on new patents granted, noting that several have been published while others are pending.
In other recent news, Qualigen Therapeutics has been navigating a series of notable developments. The company disclosed that it received a deficiency notification from Nasdaq due to its failure to timely file the Quarterly Report for the period ended March 31, 2025. This delay could potentially lead to the delisting of its securities from The Nasdaq Stock Market, as it violates Nasdaq Listing Rule 5250(c)(1). Qualigen Therapeutics plans to present a strategy to regain compliance during a scheduled hearing with the Nasdaq Hearings Panel. Meanwhile, the company announced the appointment of Robert B. Lim as the new Chair of its Audit Committee, replacing Graydon Bensler. Mr. Lim is recognized as an “audit committee financial expert” and is an independent director under Nasdaq and SEC rules. These recent developments are being closely monitored by investors and stakeholders, as they could significantly impact Qualigen Therapeutics’ future on the stock exchange.
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