Full Press Release Details
Quoin Pharmaceuticals Announces Pricing of $16.8
Million Upsized Public Offering
ASHBURN, Va., August 5, 2022 (GLOBE NEWSWIRE)
-- Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the "Company" or "Quoin"), a clinical stage, specialty pharmaceutical
company focused on rare and orphan diseases, today announced the pricing of its "reasonable best efforts" public offering of
11,050,000,000 ordinary shares represented by 2,210,000 American Depositary Shares at a purchase price of $5.00 per ADS and pre-funded
warrants to purchase 5,750,000,000 ordinary shares represented by 1,150,000 American Depositary Shares at a per pre-funded warrant price
of $4.9999 (with each ADS and pre-funded warrant accompanied by an ordinary warrant) for an aggregate gross proceeds of $16.8 million.
The closing of the offering is expected to occur
on or about August 9, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from
the offering for general corporate purposes.
A.G.P./Alliance Global Partners is acting
as the sole placement agent for the offering.
statement on Form F-1, as amended (No. 333-266476) relating to the offering was filed with the Securities and Exchange Commission ("SEC"),
and it was declared effective on August 5, 2022. The offering is being made only by means of a prospectus forming part of the effective
registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering
may be obtained on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering
may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone
at (212) 624-2060, or by email at prospectus@allianceg.com.
release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of
these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration
or qualification under the securities laws of any such state or other jurisdiction.
About Quoin Pharmaceuticals Ltd.
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 addressing unmet medical needs for 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 that statements in this press
release that are not a description of historical facts, including, but not limited to, statements regarding the offering, the expected
gross proceeds and the expected closing of the offering, 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 April 14, 2022, 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.
For further information, contact: