Qualigen Therapeutics appoints Kevin Chen as independent director

Qualigen Therapeutics, Inc. (NASDAQ:QLGN), a micro-cap biotech company with a market capitalization of $8.6 million, announced the appointment of Kevin Chen as an independent member of its Board of Directors, effective immediately. The decision comes as the company’s stock trades at $5.06, having shown significant volatility with a 33% gain over the past six months despite recent pressures. According to InvestingPro analysis, the stock currently appears overvalued based on its Fair Value metrics. The decision was made by the company’s board on Friday. As of the filing, Chen has not been assigned to any board committees.

According to the company’s statement in a press release filed with the Securities and Exchange Commission, Chen, 47, is currently Chief Economist and Chief Investment Officer of Horizon Financial. He holds board positions at several publicly listed companies, including CurrenC Group, Australian Oilseeds Investments, and Scage Future, all on Nasdaq, as well as Capitan Investment Ltd. on the Toronto Stock Exchange. Chen is a former board member of Infint Acquisition Corporation, which is listed on the New York Stock Exchange. His appointment comes at a crucial time for Qualigen, which InvestingPro data shows has faced challenges with profitability and currently maintains a Fair overall financial health score.

His academic roles include serving as an adjunct associate professor at New York University and as a guest speaker at institutions such as Harvard University, Fordham University, Pace University, and IESE Business School. He has previously held positions as a senior portfolio manager at Credit Agricole/Amundi Asset Management, director of asset allocation at Morgan Stanley, and manager at China Development Bank.

Chen is a member of several professional organizations, including the Economic Club of New York, the Council on Foreign Relations, the Foreign Policy Association, the Bretton Woods Committee, and the Economic Club of Miami. He also serves on the editorial advisory board of the Global Commodity Applied Research Digest at the JP Morgan Center for Commodities at the University of Colorado Denver Business School and is co-chair of the New York Finance Forum.

Chen holds a PhD in Finance from the University of Lausanne, a master’s degree in finance from Tilburg University, and a bachelor’s degree in economics from Renmin University of China.

This information is based on a statement from Qualigen Therapeutics’ press release filed with the SEC.

In other recent news, Qualigen Therapeutics has been the focus of significant developments. The company announced that it regained compliance with Nasdaq’s minimum stockholders’ equity requirement through a $4.5 million private placement of Series A-3 Preferred Stock. This move follows a notice from Nasdaq on July 23 regarding a previous shortfall. Additionally, Faraday Future Intelligent Electric revealed a strategic investment of approximately $30 million in Qualigen, granting it about 55% of Qualigen’s common stock. This investment was announced during Faraday’s annual event in Los Angeles. Furthermore, Qualigen has secured patents for its cancer drug QN-302 across 25 countries, including Europe, India, China, and Russia. These patents, covering the product and manufacturing methods, extend protection until 2040. These recent developments mark a period of strategic growth and innovation for Qualigen Therapeutics.

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