Quoin Pharmaceuticals Announces Insider Share Purchases by CEO and COO, Highlighting Confidence in Company’s Growth
Quoin Pharmaceuticals (NASDAQ: QNRX), a clinical-stage specialty pharmaceutical company, announced that both of its cofounders, CEO Michael Myers and COO Denise Carter, have made significant purchases of the company’s American Depositary Shares (ADSs). On September 3 and 4, 2024, CEO Michael Myers acquired 37,894 ADSs, while COO Denise Carter purchased 37,735 ADSs.
These insider purchases reflect the leadership’s strong confidence in the company’s growth trajectory and commitment to long-term shareholder value, underscoring their belief in Quoin’s strategic initiatives and potential to deliver innovative treatments for rare and orphan diseases.
Key Highlights of Quoin’s Strategic Growth and Pipeline:
- International Expansion: Quoin is expanding its clinical trial sites for QRX003, targeting Netherton Syndrome (NS), starting with Saudi Arabia. Plans are at an advanced stage to open additional sites in the UK as well as Western and Eastern Europe further accelerating patient recruitment and enhancing trial diversity.
- First Approved Treatment for Netherton Syndrome: Quoin’s lead asset, QRX003, could potentially become the first approved treatment for NS, a rare and severe skin condition affecting between 6,000-7,000 patients in the U.S. and EU and roughly 30,000 globally. Quoin intends to self-commercialize QRX003 in the US and Europe and it has entered into 9 commercial partnerships covering 61 countries outside of these territories.
- Quoin currently has two active Netherton Syndrome studies being conducted concurrently evaluating the safety and efficacy of QRX003, with preliminary clinical data showing positive results.
- Peeling Skin Syndrome (PSS) Study: Quoin is initiating an investigational study in New Zealand to evaluate QRX003 for Peeling Skin Syndrome, a rare condition with no approved treatments, expanding the potential applications of QRX003.
- Multiple Indications Strategy: Quoin’s strategy of developing QRX003 for multiple rare diseases could lead to broader regulatory approval, enhance operating efficiencies, and a significantly larger target market upon commercialization.
Quoin Pharmaceuticals continues to advance its portfolio of treatments for rare and orphan diseases, aiming to make a significant impact in the lives of underserved patient populations worldwide.
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