Financing ·
Quoin Pharmaceuticals announced a private placement raising up to $50.0 million in gross proceeds, comprising an…
QNRXQuoin Pharmaceuticals Ltd.
Quoin Pharmaceuticals announced a private placement raising up to $50.0 million in gross proceeds, comprising an initial $30.8 million and up to $19.2 million from the potential cash exercise of accompanying warrants. The company issued 6,305,300 American Depositary Shares (ADSs) or pre-funded warrants at a combined price of $4.88 per unit, alongside ordinary warrants exercisable at $6.10 per ADS for up to 3,152,650 additional ADSs. Net proceeds are expected to fund operations into the second half of 2029. Additionally, Quoin reported positive interim Phase 2/3 data for QRX003 in Netherton Syndrome, where four of six participants met the primary endpoint with statistical significance (p=0.0087). The company also settled approximately $1.15 million in accrued debt by issuing 222,574 ADSs to note holders. Quoin Pharmaceuticals is a late clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases.