Full Press Release Details
Quoin Pharmaceuticals
Provides Corporate Update and Announces First Quarter 2023 Financial Results
First patient dosed in Quoin's
single arm, open label clinical trial in Netherton Syndrome patients currently receiving off-label systemic therapy
Recruitment and dosing continue in
Quoin's ongoing double blinded, placebo-controlled study of QRX003 for Netherton Syndrome
Following successful public offering
Quoin expects its cash runway will extend into 2H 2024
ASHBURN, Va., May 8, 2023 (GLOBE NEWSWIRE) -- Quoin Pharmaceuticals
Ltd. (NASDAQ: QNRX) (the "Company" or "Quoin"), a clinical stage, specialty pharmaceutical company focused on
rare and orphan diseases, today provides a business update and announces financial results for the first quarter of 2023.
Quoin CEO, Dr. Michael Myers, said, "We are very pleased to announce
a very positive start to 2023, which has the potential to be a transformational year for Quoin. During this past quarter, we achieved
a number of important milestones for the company. Following a successful public offering, we expect to have our cash runway into the second
half of 2024. We believe our strong balance sheet is a significant asset as we continue our search to expand our portfolio of rare and
orphan disease drug products."
"We were delighted to announce that with the dosing of the first
patient in our second clinical trial in Netherton Syndrome, both studies are now actively recruiting and dosing patients and we anticipate
releasing topline data in the second half of 2023."
"Interest level in both studies continues to be very high from
patients and clinicians."
Corporate Highlights
Financial Highlights
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 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 10-K for the year ended December 31, 2022 that the Company filed with the SEC. One should not place undue reliance
on these forward-looking statements, which speak only as of the date on which they were made. 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
For further information:
QUOIN PHARMACEUTICALS LTD.
Condensed Consolidated Balance Sheets
| March 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,371,854 | $ | 2,860,628 | ||||
| Investments | 13,618,026 | 9,992,900 | ||||||
| Prepaid expenses | 398,906 | 516,584 | ||||||
| Total current assets | 17,388,786 | 13,370,112 | ||||||
| Prepaid expenses - long term | 383,390 | 383,390 | ||||||
| Intangible assets, net | 678,550 | 704,561 | ||||||
| Other assets | - | - | ||||||
| Total assets | $ | 18,450,726 | $ | 14,458,063 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | 281,094 | $ | 605,600 | |||||
| Accrued expenses | 2,085,205 | 1,175,705 | ||||||
| Accrued interest and financing expense | 1,146,251 | 1,146,251 | ||||||
| Due to officers - short term | 650,000 | 600,000 | ||||||
| Total current liabilities | 4,162,550 | 3,527,556 | ||||||
| Due to officers - long term | 3,373,733 | 3,523,733 | ||||||
| Total liabilities | $ | 7,536,283 | $ | 7,051,289 | ||||
| Commitments and contingencies | ||||||||
| Shareholders' equity: | ||||||||
| Ordinary shares, no par value per share, 500,000,000,000 ordinary shares authorized - 59,233,024,799 (11,846,532 ADS's) ordinary shares issued and outstanding at March 31, 2023 and 24,233,024,799 (4,846,605 ADS's) at December 31, 2022 | $ | - | $ | - | ||||
| Treasury stock, 2,641,693, ordinary shares | (2,932,000 | ) | (2,932,000 | ) | ||||
| Additional paid in capital | 53,966,259 | 47,855,521 | ||||||
| Accumulated deficit | (40,119,816 | ) | (37,516,747 | ) | ||||
| Total shareholders' equity | 10,914,443 | 7,406,774 | ||||||
| Total liabilities and shareholders' equity | $ | 18,450,726 | $ | 14,458,063 |
QUOIN PHARMACEUTICALS LTD.
Condensed Consolidated Statements of Operations (Unaudited)
| Three months ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating expenses | ||||||||
| General and administrative | $ | 1,683,817 | $ | 1,588,470 | ||||
| Research and development | 1,091,733 | 587,569 | ||||||
| Total operating expenses | 2,775,550 | 2,176,039 | ||||||
| Other (income) and expenses | ||||||||
| Forgiveness of accounts payable | - | (416,000 | ) | |||||
| Warrant liability (income) expense | - | (77,237 | ) | |||||
| Unrealized gain | (20,427 | ) | - | |||||
| Interest income | (152,054 | ) | - | |||||
| Total other expense | (172,481 | ) | (493,237 | ) | ||||
| Net loss | $ | (2,603,069 | ) | $ | (1,682,802 | ) | ||
| Loss per ADS | ||||||||
| Loss per ADS | ||||||||
| Basic | $ | (0.34 | ) | $ | (2.51 | ) | ||
| Fully-diluted | $ | (0.34 | ) | $ | (2.51 | ) | ||
| Weighted average number of ADS's outstanding | ||||||||
| Basic | 7,646,605 | 670,930 | ||||||
| Fully-diluted | 7,646,605 | 670,930 |