Quoin Pharmaceuticals Provides Corporate Update and Announces Third Quarter 2023 Financial Results
09 November 2023 - 9:46AM
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 quarter ended
September 30, 2023.
Quoin CEO, Dr. Michael Myers, said, “While still
early-stage, we are extremely excited by the positive clinical data
generated to date across a number of endpoints from our ongoing
open-label clinical study in Netherton Syndrome patients. We are
particularly pleased with the pruritus results observed for five of
the six subjects evaluated. Given the overall strong efficacy data
and the exemplary safety profile demonstrated thus far, we are
moving into an optimization phase for both of our Netherton
Syndrome studies, which we believe could lead to an even more
robust clinical data set.”
Corporate Highlights –
- On October 24th,
Quoin announced positive clinical data from the first six evaluable
patients in the company’s open-label clinical trial in Netherton
Syndrome patients.
- Five of the six
subjects evaluated had negligible or absent pruritus, or itch,
following treatment with QRX003, a significant improvement from
prior to the study.
- All six subjects
exhibited improvement in the Investigator assessed skin scoring
system with three subjects showing improvement throughout the study
and the other three at various points during the study.
- All six subjects
expressed a favorable impression of QRX003 across multiple assessed
metrics.
- No safety
concerns have been reported to date for any subject in either of
Quoin’s studies.
- Company plans to
further optimize its clinical program by making a number of
protocol amendments including: eliminating the lower 2% dose in the
double blinded study, changing the dosing frequency to twice-daily
from once-daily and increasing the number of subjects in both
studies.
- Company secured
long term, exclusive supply of the only fully GMP grade active
ingredient in QRX003.
- On September
6th, Quoin signed its ninth commercial agreement for QRX003,
increasing the number of partnered countries to sixty-one.
Financial Highlights
- Quoin had
approximately $14.0 million in cash, cash equivalents and
marketable securities as of September 30, 2023.
- Net loss for the
quarter ended September 30, 2023 was approximately $2.1 million
compared to approximately $2.3 million for the quarter ended
September 30, 2022, and net loss for the nine months ended
September 30, 2023 was $7.2 million compared to $7.2 million for
the nine months ended September 30, 2022.
- Investors are
encouraged to read the Company’s Quarterly Report on Form 10-Q when
it is filed with the Securities and Exchange Commission (the
“SEC”), which will contain additional details about Quoin’s
financial results as of and for the period ended September 30,
2023.
Quoin will host a conference call and webcast at 8:30am ET on
Thursday, November 9, 2023. The call will include a discussion of
third quarter 2023 financial results and a corporate update. The
live call can be accessed by dialing 1-800-603-0527 (domestic) or
1-412-317-0688 (international). The call webcast will be available
at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=sPhSaNGJ.
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 StatementsThe 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:
PCG AdvisoryStephanie
Princesprince@pcgadvisory.com(646) 863-6341
-Tables Follow-
QUOIN PHARMACEUTICALS LTD.
Consolidated Balance Sheets
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September
30, |
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December
31, |
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2023 |
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2022 |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
3,163,426 |
|
|
$ |
2,860,628 |
|
|
|
|
Investments |
|
|
10,818,051 |
|
|
|
9,992,900 |
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|
|
|
Prepaid expenses |
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|
159,851 |
|
|
|
516,584 |
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|
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|
Total
current assets |
|
|
14,141,328 |
|
|
|
13,370,112 |
|
|
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Prepaid expenses - long term |
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|
300,000 |
|
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|
383,390 |
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|
|
Intangible assets, net |
|
|
626,529 |
|
|
|
704,561 |
|
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|
|
|
Total
assets |
|
$ |
15,067,857 |
|
|
$ |
14,458,063 |
|
|
|
|
|
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
|
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Accounts payable |
|
$ |
239,978 |
|
|
$ |
605,600 |
|
|
|
|
Accrued expenses |
|
|
2,594,199 |
|
|
|
1,175,705 |
|
|
|
|
Accrued interest and financing expense |
|
|
1,146,251 |
|
|
|
1,146,251 |
|
|
|
|
Due to officers - short term |
|
|
600,000 |
|
|
|
600,000 |
|
|
|
|
|
Total
current liabilities |
|
|
4,580,428 |
|
|
|
3,527,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to officers - long term |
|
|
3,073,733 |
|
|
|
3,523,733 |
|
|
|
|
|
Total
liabilities |
|
$ |
7,654,161 |
|
|
$ |
7,051,289 |
|
|
|
|
|
|
|
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|
|
Commitments and contingencies |
|
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|
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Shareholders' equity: |
|
|
|
|
|
|
|
Ordinary shares, no par value per share, 8,333,334 ordinary
shares |
|
|
|
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|
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|
authorized - 987,220 (987,220 ADS's) ordinary shares issued and
outstanding at |
|
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|
|
|
|
September
30, 2023 and 403,887 (403,887 ADS's) at December 31, 2022 |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury stock, 45 ordinary shares |
|
|
(2,932,000 |
) |
|
|
(2,932,000 |
) |
|
|
|
Additional paid in capital |
|
|
54,499,138 |
|
|
|
47,855,521 |
|
|
|
|
Accumulated deficit |
|
|
(44,153,442 |
) |
|
|
(37,516,747 |
) |
|
|
|
|
Total
shareholders' equity |
|
|
7,413,696 |
|
|
|
7,406,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
15,067,857 |
|
|
$ |
14,458,063 |
|
|
|
|
|
|
|
|
|
|
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QUOIN PHARMACEUTICALS LTD.
Statements of Operations (Unaudited)
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Nine months ended September 30, |
|
Three months ended September 30, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
4,685,241 |
|
|
$ |
5,112,002 |
|
|
|
$ |
1,366,464 |
|
|
$ |
1,582,059 |
|
|
Research and development |
|
|
2,475,596 |
|
|
|
2,059,769 |
|
|
|
|
758,759 |
|
|
|
745,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
7,160,837 |
|
|
|
7,171,771 |
|
|
|
|
2,125,223 |
|
|
|
2,327,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (income) and expenses |
|
|
|
|
|
|
|
|
|
|
Forgiveness of accounts payable |
|
|
- |
|
|
|
(416,000 |
) |
|
|
|
- |
|
|
|
- |
|
|
Warrant liability (income) expense |
|
|
- |
|
|
|
(77,237 |
) |
|
|
|
- |
|
|
|
- |
|
|
Unrealized loss (gain) |
|
|
11,926 |
|
|
|
3,053 |
|
|
|
|
(2,119 |
) |
|
|
3,053 |
|
|
Interest income |
|
|
(536,068 |
) |
|
|
(15,132 |
) |
|
|
|
(196,425 |
) |
|
|
(15,132 |
) |
|
Interest and financing expense |
|
|
- |
|
|
|
714,081 |
|
|
|
|
- |
|
|
|
714,081 |
|
|
|
Total other (income) expense |
|
|
(524,142 |
) |
|
|
208,765 |
|
|
|
|
(198,544 |
) |
|
|
702,002 |
|
Net loss |
|
|
$ |
(6,636,695 |
) |
|
$ |
(7,380,536 |
) |
|
|
$ |
(1,926,679 |
) |
|
$ |
(3,029,567 |
) |
|
Deemed dividend on warrant modification |
|
|
- |
|
|
|
(65,266 |
) |
|
|
|
- |
|
|
|
(65,266 |
) |
Net loss attributable to shareholders |
|
$ |
(6,636,695 |
) |
|
$ |
(7,445,802 |
) |
|
|
$ |
(1,926,679 |
) |
|
$ |
(3,094,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per ADS |
|
|
|
|
|
|
|
|
|
Loss per ADS |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
(7.61 |
) |
|
$ |
(55.79 |
) |
|
|
$ |
(1.95 |
) |
|
$ |
(11.28 |
) |
|
Fully-diluted |
|
$ |
(7.61 |
) |
|
$ |
(55.79 |
) |
|
|
$ |
(1.95 |
) |
|
$ |
(11.28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ADS's outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
871,835 |
|
|
|
133,450 |
|
|
|
|
987,220 |
|
|
|
274,317 |
|
|
Fully-diluted |
|
|
871,835 |
|
|
|
133,450 |
|
|
|
|
987,220 |
|
|
|
274,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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