Anthony James Culverwell, a director at Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX), has increased his stake in the company with a recent purchase of ordinary shares. According to a recent SEC filing, Culverwell acquired 100,000 ordinary shares at a price of $0.45 each, totaling $45,000. The purchase comes as the stock trades near its 52-week low of $0.42, with InvestingPro data showing an 88% decline year-to-date. This transaction took place on December 23, 2024, as part of the company's public offering, which included Series F and Series G Warrants. Each American Depositary Share (ADS) purchased was accompanied by these warrants, which are exercisable immediately, subject to a beneficial ownership cap. Following the transaction, Culverwell holds 100,317 shares directly in the micro-cap company, which currently has a market capitalization of $2.82 million. InvestingPro analysis indicates the stock is currently undervalued, with additional insights and a comprehensive Pro Research Report available for subscribers tracking insider movements in over 1,400 US stocks.
In other recent news, Quoin Pharmaceuticals has announced terms for a public offering of securities, aiming to generate gross proceeds of around $6.8 million. The offering includes ordinary shares and warrants to purchase additional shares. Maxim Group LLC will act as the sole placement agent for the offering, which is expected to close subject to customary conditions. The company plans to use the net proceeds for general corporate purposes, including operational expenses, research and development activities, potential acquisitions, and capital expenditures.
In terms of clinical developments, Quoin Pharmaceuticals has advanced its study on Netherton Syndrome, receiving approval from the U.S. Food and Drug Administration for an additional clinical study. The study, led by Dr. Amy Paller from Northwestern (NASDAQ:NWE) University, will enroll up to eight subjects who will apply the potential treatment, QRX003, over more than 80% of their body surface area twice daily for a 12-week period.
In governance news, Quoin Pharmaceuticals has made amendments to shareholder rights and adjusted executive compensation programs. The shareholders approved compensation programs for CEO Dr. Michael Myers and COO Denise Carter, aligning with the company's Compensation Policy. The company also received an additional 180-day period from The Nasdaq Stock Market LLC to meet its minimum bid price requirement.
These recent developments highlight Quoin Pharmaceuticals' strategic focus and commitment to enhancing shareholder value. Please note that these developments are based on information available at the time of writing and may be subject to change.
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