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QNRX: Enhanced Financial Flexibility to Move QRX003 & Other Assets Forward

By M. Marin

NASDAQ:QNRX

READ THE FULL QNRX RESEARCH REPORT

Recent milestones include enhancing financial flexibility to advance growth strategy …

Quoin Pharmaceuticals (NASDAQ:QNRX) has strengthened its cash position and reached several milestones to continue moving its lead candidates and other assets forward. In 3Q22, Quoin closed an equity offering, raising net proceeds of about $15.0 million to advance its clinical efforts and growth strategy.

Quoin has three lead products in development; QRX003 for Netherton Syndrome (NS) is the most advanced. Quoin estimates that there are about 6,000-7,000 patients in the U.S. and EU suffering with NS. Actual numbers could exceed the number of reported cases because NS is often undiagnosed.

… as clinical studies commence …

In July 2022, the first clinical site to evaluate QRX003 for NS launched, with initiatives to open additional sites for patient enrollment underway. Given regulatory actions to facilitate and expedite approval of drugs to treat orphan and rare diseases, Quoin expects the timeline will be shorter when compared to development timelines of drugs to treat more widespread diseases.

In July 2022, Quoin announced that it received constructive and comprehensive Scientific Advice from the European Medicines Agency (EMA) regarding the clinical and regulatory requirements for the development of QRX003 as a potential treatment for Netherton Syndrome in Europe.

Three lead assets; recent licensing deals add new products

Quoin has licensed two assets for development from Queensland University of Technology: QRX007, also for NS, and QRX008 for Scleroderma. Quoin continues to seek to expand its product pipeline by leveraging relationships with universities and other sources, as well as potentially through M&A.

Expanding potential commercial footprint for QRX003

To commercialize QRX003 and potentially other products, Quoin is developing an internal sales / distribution infrastructure to cover the U.S. and Europe and has entered into partnerships for international markets. With eight marketing partnerships in place, Quoin has established a global commercialization and distribution network encompassing 60 countries, including the Greater China region, the Middle East, Canada, Australia, New Zealand and parts of Latin America, Central and Eastern Europe and Turkey.

Given that its current focus on rare and orphan dermatological conditions, the company believes that it can attain scale quickly and in an economical way by developing outreach to treating physicians and also working with foundations that focus on these diseases, as well as by leveraging its products to treat multiple conditions.

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