Bitcoin price today: dips below $112k, near 6-wk low despite Fed cut bets
ASHBURN, Va. - Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX), a specialty pharmaceutical company with a market capitalization of $6.1 million, has filed a U.S. patent application for QRX003, a topical treatment aimed at rare skin diseases, including Netherton Syndrome (NS). The company, whose stock has declined over 65% in the past year, is currently conducting four clinical trials for NS, with three under an open Investigational New Drug (IND) application with the FDA. According to InvestingPro, the company maintains a strong liquidity position with a current ratio of 3.57x, indicating solid short-term financial stability.
Quoin’s CEO, Dr. Michael Myers, stated that the company is working to secure extensive patent protection for QRX003, potentially until 2045. This protection would cover not only NS but also other rare skin conditions. QRX003 is also being tested in pediatric patients in Dublin, with plans to expand trials to Spain, the UK, and possibly other countries. InvestingPro analysis reveals that while the company holds more cash than debt on its balance sheet, it currently operates at a loss with negative EBITDA of $9.43 million.
No FDA-approved treatments for NS or Peeling Skin Syndrome currently exist. However, Quoin has reported positive initial data from two open-label studies and is the only company actively recruiting for multiple NS clinical trials under an open IND. Analyst price targets for QNRX range from $1.44 to $10 per share, suggesting significant potential upside according to InvestingPro’s comprehensive analysis, which includes detailed financial health metrics and growth projections available in the Pro Research Report.
The patent application includes Peeling Skin Syndrome, for which Quoin is conducting an Investigator Clinical Study in New Zealand. The company’s pipeline targets a range of rare and orphan diseases, including NS, Peeling Skin Syndrome, SAM Syndrome, Palmoplantar Keratoderma, and others.
Quoin emphasizes that its press release contains forward-looking statements subject to risks and uncertainties, and actual results may differ materially. The company does not undertake any obligation to update these statements beyond the date they were made.
Investors and interested parties can find more information about Quoin’s clinical studies for Netherton Syndrome at the dedicated website. This article is based on a press release statement from Quoin Pharmaceuticals Ltd.
In other recent news, Quoin Pharmaceuticals announced its Q4 2023 financial results, highlighting a decrease in net loss to $870 million from $940 million in 2022, supported by a cash reserve of $1.07 billion. The company raised $650 million through a public offering, bolstering its financial position to support ongoing clinical trials for QRX003, a treatment for Netherton Syndrome. Quoin Pharmaceuticals has also launched the "NETHERTON NOW" campaign to raise awareness about this rare genetic disorder and has introduced a dedicated website to support patients and families. Recent clinical trial data indicated promising results for QRX003, with significant improvements in skin condition observed over 12 weeks. The company is actively expanding its study to include more pediatric subjects, with the FDA clearing protocol amendments to lower the eligibility age for clinical trials. Additionally, Quoin Pharmaceuticals is exploring mergers and acquisitions in the rare disease sector, leveraging its strong financial position. Analyst firms like Maxim Group and Alliance Global Partners have shown interest in the company’s strategic direction, particularly regarding pediatric patient enrollment and the potential for future mergers.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.