ASHBURN, Va. - Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX), a company specializing in rare and orphan diseases, has announced the expansion of its Netherton Syndrome (NS) clinical studies to include two new sites in the United Kingdom. Great Ormond Street Hospital and St. Thomas' Hospital in London, both recognized as centers of excellence for NS, will join the ongoing international trials.
The company has appointed a Principal Investigator and engaged a Clinical Research Organization to oversee the UK trials, which will operate under Quoin's open Investigational New Drug (IND) application with the US Food and Drug Administration. With cohorts of patients ready to participate, these sites complement the previously announced location in Saudi Arabia.
Quoin is also preparing to open additional sites in various Western European countries and is concluding a feasibility study for multiple Eastern European countries.
The expansion aims to accelerate enrollment for the trials evaluating QRX003, a topical lotion as a potential treatment for NS, a rare genetic skin condition. Quoin's CEO, Dr. Michael Myers, expressed the company's commitment to rapidly completing the enrollment process to potentially offer the first approved treatment for this underserved patient population.
Quoin's pipeline includes five products targeting a range of rare and orphan indications, such as Peeling Skin Syndrome and Palmoplantar Keratoderma.
The information in this article is based on a press release statement. It should be noted that the company's forward-looking statements involve risks and uncertainties, and actual results may vary. These statements are not guarantees of future performance and are subject to changes. Quoin undertakes no obligation to update any forward-looking statements post the date they were made.
In other recent news, Quoin Pharmaceuticals Ltd. has announced significant changes for its 2024 Annual General Meeting of Shareholders (2024 AGM). The company's Board of Directors has set December 5, 2024, as the date for this meeting, which is a notable shift from previous schedules. This has necessitated the adjustment of deadlines for shareholder proposals, which must now be received by October 10, 2024.
In addition to these developments, Quoin Pharmaceuticals' executives have demonstrated their confidence in the company's direction by purchasing substantial amounts of company stock. CEO Michael Myers and COO Denise Carter have acquired significant numbers of American Depositary Shares (ADSs), signaling their belief in the company's strategic path and commitment to enhancing shareholder value.
These recent activities highlight the ongoing developments within Quoin Pharmaceuticals Ltd. The company's pipeline includes three products targeting various conditions, but the firm has reminded investors that these optimistic projections are forward-looking and subject to risks and uncertainties.
InvestingPro Insights
Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) has shown significant market volatility recently, which aligns with the company's strategic moves in expanding its clinical trials. According to InvestingPro data, QNRX has experienced a remarkable 71.55% price return in the past week and a 62.21% return over the last month. This surge in stock performance could be attributed to investor optimism surrounding the expansion of Netherton Syndrome clinical studies to prestigious UK hospitals.
Despite the recent positive momentum, InvestingPro Tips highlight that QNRX has suffered from weak gross profit margins and is not profitable over the last twelve months. The company's operating income for the last twelve months as of Q2 2024 stands at -$8.94 million, indicating the substantial costs associated with its research and development efforts.
Interestingly, an InvestingPro Tip notes that QNRX holds more cash than debt on its balance sheet, which could be crucial for funding its expanded clinical trials and pipeline development. This financial position may provide some reassurance to investors about the company's ability to pursue its ambitious clinical program without immediate liquidity concerns.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for QNRX, providing a deeper understanding of the company's financial health and market position.
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