Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) is making strides in its clinical programs for rare skin diseases, even as financial results show increased losses. The company recently announced the initiation of a clinical study for QRX003 in Peeling Skin Syndrome (PSS) in New Zealand and the expansion of its Netherton Syndrome trials with two new sites in the United Kingdom.
QRX003 Clinical Development
In August, Quoin announced the planned initiation of an investigator-led clinical study in New Zealand for QRX003 in pediatric patients with Peeling Skin Syndrome. This rare genetic condition currently has no approved treatments or cures. The first clinical site and patient have been identified, and Quoin is actively evaluating additional clinical sites in other countries. The expansion into Peeling Skin Syndrome (PSS) represents a strategic diversification of QRX003's potential market, though it adds to operational costs.
Quoin continued its efforts to broaden the clinical trials for QRX003 as a potential treatment for Netherton Syndrome. In October 2024, the company announced the opening of two additional clinical sites in the United Kingdom, recognized centers of excellence for Netherton Syndrome, with plans to further expand in Western and Eastern Europe. The UK sites will operate under Quoin’s open Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA).
Financial Status
Quoin Pharmaceuticals' Q3 2024 financial results indicate a net loss of $2.3 million, compared to $1.9 million for the same period in 2023. For the nine months ended Sept. 30, 2024, the net loss was approximately $6.7 million compared to $6.6 million for the nine months ended Sept. 30, 2023. However, the company maintains a cash position of $10.3 million as of September 30, 2024, which is expected to fund operations into late 2025.
Management Confidence
In September, Quoin’s CEO, COO and CFO made significant insider share purchases, signaling strong leadership confidence in the company’s growth trajectory.
Strategic Outlook
Quoin is committed to advancing its clinical programs and remains focused on expanding the potential indications for QRX003. The company’s efforts in initiating clinical studies in additional rare disease indications, such as Peeling Skin Syndrome, and expanding its global clinical footprint for Netherton Syndrome trials are crucial steps in Quoin’s strategy to bring new treatments to patients with serious unmet needs.
Quoin CEO Dr. Michael Myers said, “The third quarter has been marked by notable achievements, including expanding the clinical reach of our lead product QRX003 into Peeling Skin Syndrome... We are proud of the advancements we’ve made and look forward to the upcoming milestones in our clinical development programs.”
