Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) is a pharma player with a focus on the rare disease segment. Its treatment for Netherton syndrome has been gaining interest among those with the condition, and management seems to be eyeing FDA approval within 2023. Its financing remains stellar, and all now rests on sound execution.
Quoin Pharma Significant Updates
In a recent earnings call, the CEO of Quoin Pharmaceuticals Ltd. (QNRX) reiterated Quoin’s strategic goal of transforming itself into a global company addressing rare diseases. In the final quarter of 2022, the company received funding of almost $17 million in an over-subscribed offering showing double upsize. Due to the cash injection, Quoin stands as having surpassed several inflection points to see its development pipeline continue without hitch. Moreover, the management remains confident about the recent trial it initiated on the QRX 003 candidate for addressing life-threatening conditions in Netherton patients. According to the FDA, 20 patients being tested with the candidate would be enough to attain regulatory approval, given the rare nature of the disease.
Balance Sheet for QNRX Remains Solid
Given the recent financing by public offering, QNRX sees a much stronger balance sheet than it did six months ago. At the end of the first half of 2022, its cash holdings stood at $2.7 million, whereas presently, this figure amounts to over $15 million. The company’s CFO has stated that it has received sufficient funding for it to push on development until 2024 when its pipeline would be in a far more mature stage.
QNRX faces the opportunity to shine with its funding complete, and a neat cash runway ahead of it. Its success now depends on its ability to execute, as the market will eagerly be awaiting a positive update from the company, especially in terms of its QRX 003 candidate.