Full Press Release Details
Quoin Pharmaceuticals Provides Corporate Update
and Announces Second Quarter 2023 Financial Results
Company reports positive clinical data for first
subject to complete testing in ongoing open-label Netherton Syndrome study
Subject's skin was assessed to be fully
clear by Investigator at QRX003 treatment areas
Subject also demonstrated key improvements across
all other clinical endpoints, including pruritis
A majority of patients in both Netherton Syndrome
studies are expected to be enrolled by the end of August
Both studies are demonstrating an exemplary
safety profile for QRX003
Quoin expects its cash runway will extend well
ASHBURN, Va., August 2, 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 second quarter of
2023, ended June 30, 2023.
Quoin CEO, Dr. Michael Myers, said, "We
are excited to announce positive clinical data for the first subject to complete our ongoing open-label clinical study in Netherton
Syndrome patients. While we strongly caution that this data is just from a single subject, the positive nature of the data across all
assessed clinical endpoints is indeed noteworthy. With both of our clinical studies on track to having a majority of patients enrolled
by the end of August, we look forward to releasing additional clinical data in due course. I am also pleased to announce that across both
ongoing clinical studies to date, QRX003 is demonstrating an exemplary safety profile. The generation of this first clinical data is a
milestone for Quoin and we hope that it could represent an important step towards providing a safe and effective treatment for such a
devastating disease."
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 be required by law.
For further information:
QUOIN PHARMACEUTICALS LTD.
Condensed Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 4,759,129 | $ | 2,860,628 | ||||
| Investments | 10,680,160 | 9,992,900 | ||||||
| Prepaid expenses | 234,226 | 516,584 | ||||||
| Total current assets | 15,673,515 | 13,370,112 | ||||||
| Prepaid expenses - long term | 383,390 | 383,390 | ||||||
| Intangible assets, net | 652,539 | 704,561 | ||||||
| Total assets | $ | 16,709,444 | $ | 14,458,063 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 707,935 | $ | 605,600 | ||||
| Accrued expenses | 1,834,653 | 1,175,705 | ||||||
| Accrued interest and financing expense | 1,146,251 | 1,146,251 | ||||||
| Due to officers - short term | 725,000 | 600,000 | ||||||
| Total current liabilities | 4,413,839 | 3,527,556 | ||||||
| Due to officers - long term | 3,223,733 | 3,523,733 | ||||||
| Total liabilities | $ | 7,637,572 | $ | 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 (987,217 ADS's) ordinary shares issued and outstanding at June 30, 2023 and 24,233,024,799 (403,884 ADS's) at December 31, 2022 | $ | - | $ | - | ||||
| Treasury stock, 2,641,693, ordinary shares | (2,932,000 | ) | (2,932,000 | ) | ||||
| Additional paid in capital | 54,230,635 | 47,855,521 | ||||||
| Accumulated deficit | (42,226,763 | ) | (37,516,747 | ) | ||||
| Total shareholders' equity | 9,071,872 | 7,406,774 | ||||||
| Total liabilities and shareholders' equity | $ | 16,709,444 | $ | 14,458,063 |
QUOIN PHARMACEUTICALS LTD.
Condensed Consolidated Statements of Operations (Unaudited)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating expenses | ||||||||||||||||
| General and administrative | $ | 1,634,960 | $ | 1,941,473 | $ | 3,318,777 | $ | 3,529,943 | ||||||||
| Research and development | 625,104 | 726,694 | 1,716,837 | 1,314,263 | ||||||||||||
| Total operating expenses | 2,260,064 | 2,668,167 | 5,035,614 | 4,844,206 | ||||||||||||
| Other (income) and expenses | ||||||||||||||||
| Forgiveness of accounts payable | - | - | - | (416,000 | ) | |||||||||||
| Warrant liability (income) expense | - | - | - | (77,237 | ) | |||||||||||
| Unrealized loss | 34,472 | - | 14,045 | - | ||||||||||||
| Interest income | (187,589 | ) | - | (339,643 | ) | - | ||||||||||
| Total other income | (153,117 | ) | - | (325,598 | ) | (493,237 | ) | |||||||||
| Net loss | $ | (2,106,947 | ) | $ | (2,668,167 | ) | $ | (4,710,016 | ) | $ | (4,350,969 | ) | ||||
| Loss per ADS | ||||||||||||||||
| Loss per ADS | ||||||||||||||||
| Basic | $ | (2.13 | ) | $ | (38.91 | ) | $ | (5.79 | ) | $ | (69.90 | ) | ||||
| Fully-diluted | $ | (2.13 | ) | $ | (38.91 | ) | $ | (5.79 | ) | $ | (69.90 | ) | ||||
| Weighted average number of ADS's outstanding | ||||||||||||||||
| Basic | 987,217 | 68,573 | 813,184 | 62,242 | ||||||||||||
| Fully-diluted | 987,217 | 68,573 | 813,184 | 62,242 |