$QNRX Reports 2022 Progress and Financial Results, Extending Cash Runway
Mar 9th 2023, 11:10 am
Analyst Summary: Quoin Pharmaceuticals, a clinical-stage pharmaceutical company focused on rare diseases, announced its Q4 and full-year 2022 financial results along with a business update. CEO Dr. Michael Myers reported that 2022 was a year of significant progress during which the company commenced a double-blinded, placebo-controlled study in Netherton Syndrome patients, which continues to recruit patients, and announced plans to start a second clinical trial investigating the safety and efficacy of QRX003 in Netherton Syndrome patients. The company is the only pharmaceutical company conducting two clinical trials in Netherton Syndrome patients under an open IND application. The company also reported that its rare disease research programs with Queensland University of Technology continued to make progress. The company raised approximately $6 million through a public offering of its shares, which extends its cash runway into 2H 2024. The company is committed to addressing unmet medical needs and has four products in development that could target a range of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa, and others. However, the company cautions that forward-looking statements are subject to risks and uncertainties and that actual results may differ materially from those expressed or implied by such statements.