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Quoin Pharmaceuticals CEO Michael Myers acquires $250,000 in shares

Published 27/12/2024, 23:20
Quoin Pharmaceuticals CEO Michael Myers acquires $250,000 in shares
QNRX
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Michael Myers, the Chief Executive Officer of Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX), a micro-cap pharmaceutical company with a market capitalization of $2.8 million, has recently increased his stake in the company by acquiring a substantial amount of shares. According to a recent SEC filing, Myers purchased a total of 555,556 ordinary shares on December 23, at $0.45 per share, amounting to a total investment of $250,000. The purchase price represents a significant discount to the stock’s 52-week high of $6.18.

In addition to the shares, Myers also acquired Series F and Series G Warrants, each giving him the right to purchase an additional 555,556 shares. These transactions were part of Quoin Pharmaceuticals’ public offering, which closed on the same date. According to InvestingPro data, analysts maintain a bullish outlook on QNRX with price targets ranging from $1.50 to $10.00, suggesting significant upside potential. For deeper insights into QNRX’s valuation and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

Following these transactions, Myers holds direct ownership of 602,808 shares. The Warrants are exercisable immediately, subject to a beneficial ownership cap, and each represents the right to buy one additional American Depositary Share (ADS). While the company maintains a healthy current ratio of 3.02 and holds more cash than debt on its balance sheet, InvestingPro analysis indicates the company faces profitability challenges with negative earnings in the last twelve months.

In other recent news, Quoin Pharmaceuticals Ltd. has disclosed terms for a public offering of securities, aiming to generate approximately $6.8 million. The offering includes American Depositary Shares and warrants exercisable in two and five years. Maxim Group LLC is the sole placement agent for the offering. The company plans to use the proceeds for general corporate purposes, including operational expenses, research and development, potential acquisitions, and capital expenditures.

Quoin Pharmaceuticals has also been progressing in its clinical trials for QRX003, a potential treatment for Netherton Syndrome. The U.S. Food and Drug Administration has approved an additional clinical study, marking the most extensive application of QRX003 in a clinical setting so far. The company has expanded its clinical trials to include new sites in the United Kingdom (TADAWUL:4280) and is preparing to open additional sites in Western Europe.

Additionally, Quoin Pharmaceuticals has made amendments to shareholder rights and adjusted executive compensation programs. The shareholders approved compensation programs for CEO Dr. Michael Myers and COO Denise Carter. The company also disclosed that it has been granted an additional 180-day period by The Nasdaq Stock Market LLC to meet its minimum bid price requirement.

In another development, Quoin Pharmaceuticals has been granted an extension by The Nasdaq Stock Market LLC to meet its minimum bid price requirement. The company is actively exploring options to regain compliance with Nasdaq’s listing requirements. These recent developments underscore Quoin Pharmaceuticals’ commitment to enhancing shareholder value and addressing the unmet medical needs of rare and orphan diseases.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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