Quoin Pharmaceuticals Provides Corporate Update

ASHBURN, Va., Nov. 08, 2023 (GLOBE NEWSWIRE) —  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.