Neopharm Gains Exclusive Rights to Commercialize QRX003 in Israel
Sixth Distribution Partnership Established Since Quoin’s NASDAQ Debut in October 2021
ASHBURN, Va., Feb. 17, 2022 (GLOBE NEWSWIRE) -- Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or “Quoin”), a specialty pharmaceutical company focused on rare and orphan diseases, today announced that its wholly-owned subsidiary, Quoin Pharmaceuticals, Inc., has entered into an exclusive Distribution Agreement with Neopharm Medical Supplies, an exclusive distributor for leading medical and pharma manufacturers in Israel, for QRX003, the Company’s investigational treatment for Netherton Syndrome, a rare and devastating genetic disease for which there is currently no available treatment or cure.
Under the terms of the revenue sharing agreement, Neopharm gains exclusive rights to commercialize QRX003 in Israel. Quoin will be the exclusive supplier of QRX003 to Neopharm.
Dr. Michael Myers, Chief Executive Officer of Quoin, commented, “This is Quoin’s sixth distribution agreement in the last four months for QRX003 and we’re excited to add Neopharm, who is a leading distributor in Israel. We now have 54 countries covered by our partnership agreements for QRX003, encompassing many regions of the globe. Establishing a broad distribution network is a key part of our commitment to ensure that every patient, everywhere will have access to this product once it has been approved for this devastating disease.”
About Netherton Syndrome
Netherton Syndrome, a form of Ichthyosis, is a rare, hereditary skin disorder caused by a mutation in the SPINK5 gene (serine protease inhibitor, Kazal Type 5) that leads to severe skin barrier defects and recurring infections, as well as a pronounced predisposition to allergies, asthma, and eczema. Patients also often suffer from severe dehydration, chronic skin inflammation and stunted growth.
Currently, there is no cure for Netherton Syndrome, nor are there any approved therapeutic treatments.
About Neopharm Medical Supplies
Neopharm Medical Supplies was established in the early 1980’s and is the exclusive Israeli distributor of leading medical and pharma manufacturers. The company focuses its activities on supplying the most advanced and innovative technologies to local healthcare providers, with constant focus on providing the best quality service to enable the best quality patient care. For more information, go to: www.neopharm.co.il
About Quoin Pharmaceuticals Ltd.
Quoin Pharmaceuticals Ltd. is an emerging specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to addressing unmet medical needs for patients, their families, communities and care teams. Quoin’s innovative pipeline comprises three products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Epidermolysis Bullosa and others. For more information, go to: www.quoinpharma.com.
Cautionary Note Regarding Forward Looking Statements
The Company cautions that statements in this press release that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as "expect," "intend," "plan," "anticipate," "believe," and "will," among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" included in the Company’s Annual Report on Form 20-F filed with the SEC on March 29, 2021 and in other filings the Company has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.