Qualigen Therapeutics, Inc. (QLGN) is down 20.36% in the after-market trading session at the price of $1.33 despite any recent news.
Submission of Investigational New Drug Application for QN-165
On 14th July 2021, QLGN revealed the submission of an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for Qualigen’s QN-165. The drug targets hospitalized patients with symptoms of COVID-19. It is an antiviral drug candidate to deal with antiviral activity in multiple in vitro assays against viruses.
CEO Michael Poirier of QLGN stated that they are delighted to reach this milestone of submitting their first IND application to the FDA on their most advanced therapeutics program. The submission of Phase 1b/2a clinical trials for QN-165 signifies another step in the evolution from a globally licensed and commercially successful diagnostics company to a clinical-stage therapeutics company. QN-165 is a novel drug candidate with a completely different approach to combating a virus. It will be able to deal with all virus strains and variants. QN-165 is synthetic DNA that does not attack the coronavirus directly. Instead, it targets and attaches to the nucleolin protein to enter cells that overexpress nucleolin. Viruses such as SARS-CoV-2 exploit nucleolin to gain access to a cell and manipulate it for viral replication, he added.
QLGN Disclosed Inclusion in Russell Microcap Index
On 8th June 2021, QLGN published that it would be added to the Russell Microcap Index after the 2021 Russell indexes annual reconstitution. According to a preliminary list of additions posted in June, the inclusion became effective from 28th June 2021. Russell indexes are broadly utilized by investment managers and institutional investors for index funds and as benchmarks for active investment policies. Membership in the Russell Microcap Index implies automatic inclusion in the proper growth and value indexes. FTSE Russell defines membership for its indexes primarily by objective, market-capitalization rankings, and style attributes.
CEO Michael Poirier of QLGN remarked on the inclusion of Qualigen Therapeutics in the widely referenced Russell Microcap Index. It indicates the company’s progress toward advancing its promising oncology and viral disease pipeline programs, he added.
Appointment of Tariq Arshad as Chief Medical Officer
On 19th May 2021, QLGN declared the appointment of Tariq Arshad to the position of Chief Medical Officer. Dr. Arshad is an oncologist with work expertise in both early and late-stage clinical development at leading and emergent biopharmaceutical firms. He brought more than 20 years of biotech and pharmaceutical experience to the company. CEO Michael Poirier remarked that they are delighted to welcome Tariq to Qualigen as Chief Medical Officer. He will serve in a mission-critical position as they are advancing their oncology and viral infection pipeline programs.
