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Quoin Pharmaceuticals Provides Corporate Update, Announces Q1 2024 Financial Results

Published

9 months ago

9 May, 2024

FinCrypto Staff

Quoin Pharmaceuticals Provides Corporate Update, Announces Q1 2024 Financial Results

Quoin Pharmaceuticals, Inc.

FDA Clearance to Recruit Adolescents in Both Ongoing Netherton Syndrome Clinical Trials

US and international patent filed for new product combined with Netherton Syndrome

Money runway extended until end of 2025

ASHBURN, Va., May 9, 2024 (GLOBE NEWSWIRE) — Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or “Quoin”), a clinical-stage specialty pharmaceutical company focused on developing and commercializing novel treatments for Rare and Orphan Diseases, today provides a business update and announces financial results for the first quarter ended March 31, 2024.

Quoin CEO Dr. Michael Myers said: “We are pleased to announce this encouraging start to 2024 as over the past quarter we have successfully built on the positive momentum of the past year. Following a series of protocol changes in both of our ongoing clinical studies in subjects with Netherton Syndrome, we believe we have increased the potential for a successful outcome. All protocol changes, which were based on positive initial clinical data, were approved by the FDA and have now been fully implemented. The changes include increasing the size of the open-label and blinded studies to 20 and 30 subjects, respectively, modifying the dosing frequency from once daily to twice daily, eliminating the lowest blinded study dose, and lowering the age of eligibility for fourteen years. and older. Combined, the two studies will test a total of 50 Netherton subjects, with more than 30 of those tested being treated with QRX003 at the target commercial dose, either as monotherapy or in conjunction with systemic biologics. The Company believes that the data set from both clinical studies could be sufficiently robust and comprehensive to support an NDA application, without the need for any additional clinical studies in Netherton subjects.

During the quarter, we expanded our intellectual property portfolio by filing U.S. and international patent applications for a new combination product as a treatment for Netherton Syndrome. We continue to explore additional patent opportunities for the product, both in the clinical area and in the manufacturing of the active ingredient and finished product. Finally, through the combination of a successful public offering and the execution of an equity line of credit agreement, we extended our cash flow until the end of 2025, which is well beyond a number of potentially significant milestones for the company.

Recent corporate highlights –

On March 4, Quoin announced FDA authorization to recruit adolescents for both ongoing Netherton Syndrome clinical trials.
On March 5, Quoin completed a public bond offering with gross proceeds of $6.5 million.

The story continues

On February 8, Quoin filed U.S. and international patent applications for a new combination product for Netherton Syndrome.
On January 25, Quoin signed an equity line of credit with Alumni Capital for up to $8 million, which was approved by shareholders on April 5, 2024.

Financial Highlights

Quoin had approximately $14.7 million in cash, cash equivalents and marketable securities as of March 31, 2024.
Net loss for the quarter ended March 31, 2024 was approximately $2.3 million, compared to approximately $2.6 million for the quarter ended March 31, 2023.
Investors are encouraged to read the Company’s Report on Form 10-Q when it is filed with the Securities and Exchange Commission (the “SEC”), which will contain additional details about Quoin’s financial results as of and for the period ended March 31 2024 .

About Quoin Pharmaceuticals Ltd.

is a clinical-stage specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to meeting the unmet medical needs of patients, their families, communities and care teams. Quoin’s innovative pipeline comprises four 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, Scleroderma, Epidermolysis Bullosa and others. For more information visit: www.quoinpharma.com or LinkedIn for updates.

Cautionary Note Regarding Forward-Looking Statements

The Company cautions you 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 can be identified by the use of words that reference future events. or circumstances such as “expect”, “intend”, “plan”, “anticipate”, “believe” and “will”, among others. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding the Company’s expected cash flow, the belief that the data set from both clinical studies could be sufficiently robust and comprehensive to support an NDA filing, without the need for any additional clinical studies in Netherton subjects, and the belief that certain protocol changes increased the potential for a successful outcome successful and Quoin’s products in development collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa and 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 on the Company’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, including, but not limited to, the Company may need to raise additional funds earlier than planned, clinical studies may not generate data sufficiently robust and comprehensive to support an NDA filing and the Company’s ability to obtain regulatory approvals. More detailed information about the risks and uncertainties affecting the Company is summarized in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings the Company has made and may make with the SEC in the future . You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date they were made, except as required by law.

For more information:

PCG Advisory
Jeff Ramson
646-863-6893
jramson@pcgadvisory.com

-Table monitoring-

QUOIN PHARMACEUTICS, LTD.
Consolidated Balance Sheets

				March 31,			December 31th,
					2024			2023
				(unaudited)
ACTIVE
	Current assets:
		Cash and cash equivalents		$	1,833,524		$	2,401,198
		Investments			12,856,448			8,293,663
		Prepaid expenses and other current assets			574,904			591,034
			Total current assets		15,264,876			11,285,895

		Prepaid expenses – long term			300,000			300,000
		Intangible assets, liquid			558,334			583,334
			Total assets	$	16,123,210		$	12,169,229

LIABILITIES AND SHAREHOLDERS’ EQUITY
	Current liabilities:
		Bills to pay		$	358,510		$	526,523
		Accumulated expenses			2,119,194			1,308,706
		Accrued interest and financing expenses			1,146,251			1,146,251
		Due to managers – short term			600,000			600,000
			Total current liabilities		4,223,955			3,581,480

		Due to officers – long term			2,773,733			2,923,733
			Total responsibilities	$	6,997,688		$	6,505,213

	Net worth:
		Common shares, no par value per share, 100,000,000 common shares authorized in		$	–		$	–
			March 31, 2024 and December 31, 2023, respectively – 3,795,970 (3,795,970 ADS’s) common shares issued and outstanding as of March 31, 2024 and 987,220 (987,220 ADS’s) as of December 31, 2023
		Additional paid in capital			57,656,122			51,867,336
		Accumulated deficit			(48,530,600	)		(46,203,320	)
			Total net worth		9,125,522			5,664,016

			Total liabilities and net worth	$	16,123,210		$	12,169,229

QUOIN FARMACÊUTICAS LTDA.
Consolidated statements of operations (unaudited)
	Three months ending March 31,
		2024			2023

Operational expenses
General and administrative	$	1,615,452		$	1,683,817
Research and Development		842,832			1,091,733

Total operating expenses		2,458,284			2,775,550

Other (income) and expenses
Unrealized loss (gain)		6,509			(20,427	)
Realized and accrued interest income		(137,513	)		(152,054	)
Total other income		(131,004	)		(172,481	)
Net loss	$	(2,327,280	)	$	(2,603,069	)


Loss by ADS
Basic	$	(1.11	)	$	(4.09	)
Fully diluted	$	(1.11	)	$	(4.09	)

Weighted average number of ADS outstanding
Basic		2,103,292			637,217
Fully diluted		2,103,292			637,217

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News

Breakfast on Wall Street: The Week Ahead

Published

6 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

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News

Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

6 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

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News

Latest Business News Live Updates Today, July 11, 2024

Published

6 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

6 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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