CARLSBAD, Calif., Dec. 16, 2020 /PRNewswire/ -- Qualigen
Therapeutics, Inc. (NASDAQ: QLGN) ("Qualigen" or the "Company"),
today announced it has entered into a definitive agreement
with a single institutional investor for the purchase and sale for
$12,000,000 of (i) 2,370,786 Common
Shares, (ii) 1,000,000 Pre-Funded Warrants (iii) 1,348,314 Common
Warrants exercisable immediately and (iv) 842,696 Common
Warrants exercisable six (6) months after issuance at a combined
purchase price of $3.56 in a
registered direct offering. The Common Warrants will have an
exercise price of $4.07 per share and
have a term of two years. The closing of the offering is expected
to occur on or about December 18,
2020, subject to the satisfaction of customary closing
conditions.
A.G.P./Alliance Global Partners is acting as sole placement
agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-232798) previously
filed with the U.S. Securities and Exchange Commission (the "SEC").
A prospectus supplement describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement 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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Qualigen Therapeutics, Inc.
Qualigen Therapeutics, Inc. is a biotechnology company focused
on developing novel therapeutics for the treatment of cancer and
infectious diseases, as well as maintaining and expanding its core
FDA-approved FastPack® System, which has been used successfully in
diagnostics for almost 20 years. The FastPack® menu includes tests
for cancer, men's health, hormone function, vitamin D status and
antibodies against SARS-CoV-2. The Company's cancer therapeutics
pipeline includes ALAN (AS1411-GNP), RAS-F and STARS™. ALAN
(AS1411-GNP) is a DNA coated gold nanoparticle cancer drug
candidate that has the potential to target various types of cancer
with minimal side effects. The foundational aptamer of ALAN,
AS1411, is also being studied for use in treating viral-based
infectious diseases, including COVID-19. RAS-F is a
small molecule RAS oncogene protein-protein inhibitor for blocking
RAS mutations that lead to tumor formation, especially in
pancreatic, colorectal and lung cancers. STARS™ is a DNA/RNA-based
treatment device for removal from circulating blood of precisely
targeted tumor-produced and viral compounds. Qualigen's facility
in Carlsbad, California is FDA and ISO Certified and its
FastPack® product line is sold worldwide by its commercial partner
Sekisui Diagnostics, LLC. For more information on Qualigen
Therapeutics, Inc., please
visit https://www.qualigeninc.com/.
Qualigen Forward-Looking Statements
This news release contains forward-looking statements by the
Company that involve risks and uncertainties and reflect the
Company's judgment as of the date of this release. These statements
include those related to potential future development, testing,
launch of product candidates and the expected closing of the
offering. Actual events or results may differ from the Company's
expectations. For example, there can be no assurance that the
Company will close the offering, successfully develop any drugs or
therapeutic devices; that preclinical or clinical development of
the Company's drugs or therapeutic devices will be successful; that
future clinical trial data will be favorable or that such trials
will confirm any improvements over other products or lack negative
impacts; that any drugs or therapeutic devices will receive
required regulatory approvals or that they will be commercially
successful; that the Company will be able to procure or earn
sufficient working capital to complete the development, testing and
launch of the Company's prospective therapeutic products; that the
Company will be able to maintain or expand market demand and/or
market share for the Company's diagnostic products; that adoption
and placement of FastPack® Pro System instruments (which are
the only FastPack® instruments on which the Company's
SARS-CoV-2 IgG test kits can be run) will be widespread; that
the Company will be able to manufacture the FastPack® Pro
System instruments and SARS-CoV-2 IgG test kits successfully;
or that any commercialization of the FastPack® Pro System
instruments and SARS-CoV-2 IgG test kits will be
profitable. The Company's stock price could be harmed if any
of the events or trends contemplated by the forward-looking
statements fails to occur or is delayed or if any actual future
event otherwise differs from expectations. Additional information
concerning these and other risk factors affecting the Company's
business (including events beyond the Company's control, such as
epidemics and resulting changes) can be found in the Company's
prior filings with the Securities and Exchange Commission,
available at www.sec.gov. The Company disclaims any
intent or obligation to update these forward-looking statements
beyond the date of this news release, except as required by law.
This caution is made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995.
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SOURCE Qualigen, Inc.