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Quoin Pharmaceuticals Ltd. (NASDAQ:QNRX), a micro-cap pharmaceutical company with a market capitalization of $5.22 million, announced Monday that Chief Financial Officer Gordon Dunn will be leaving the company following a mutual agreement reached last week. According to a statement based on a recent SEC filing, Mr. Dunn will continue in his current role until a successor is appointed. InvestingPro data shows the company maintains strong liquidity with a current ratio of 2.57, suggesting stable short-term financial health during this transition.
The company and Mr. Dunn anticipate entering into a separation agreement, which is expected to be finalized and filed as an exhibit to a future Form 8-K or the company’s next periodic report. No details regarding the terms of the anticipated agreement were disclosed in the filing.
Quoin Pharmaceuticals is incorporated in Israel and its American Depositary Shares are listed on The Nasdaq Stock Market LLC under the ticker QNRX. The company stated that there will be no immediate change in Mr. Dunn’s responsibilities until the transition to a new Chief Financial Officer is complete.
This information is based on a press release statement included in the company’s SEC Form 8-K filing.
In other recent news, Quoin Pharmaceuticals has received a Rare Pediatric Disease Designation from the U.S. Food and Drug Administration for its drug QRX003, aimed at treating Netherton Syndrome. This recognition follows a similar designation from the European Medicines Agency earlier this year. Quoin is conducting pivotal clinical studies for QRX003, with one study evaluating its use alongside systemic therapy and another as monotherapy. The company has reported promising efficacy data and plans to submit a New Drug Application later this year. Additionally, Quoin has announced positive initial results from a clinical study using QRX003 for Pediatric Peeling Skin Syndrome, showing significant improvement in patients’ skin conditions. In another development, Quoin Pharmaceuticals has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the exchange. This compliance was achieved after the company’s shares maintained the required price level over a specified period. Quoin’s CEO, Dr. Michael Myers, has expressed optimism about these advancements, which could potentially address unmet medical needs for rare skin disorders.
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