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Quoin Pharmaceuticals Announces Private Placement Financing of Up to $50.0 Million

QNRX
  • Quoin Pharmaceuticals Ltd. entered a securities purchase agreement to raise up to approximately $50.0 million in gross proceeds, including an initial upfront funding of $30.8 million & up to $19.2 million from potential cash exercises of ordinary warrants.
  • The financing includes participation from healthcare-focused institutional investors such as Sirenia Capital Management LP, Sphera Healthcare, AIGH Capital Management, Nantahala Capital, StemPoint Capital LP, & Stonepine Capital Management, along with management & board members.
  • Leerink Partners served as the lead placement agent, with BTIG & Lake Street Capital Markets acting as co-placement agents for the private placement.
  • Quoin will issue 6,305,300 American Depositary Shares (ADSs) or pre-funded warrants, accompanied by ordinary warrants to purchase up to 3,152,650 ADSs, at a combined price of $4.88 per unit.
  • The accompanying ordinary warrants have an exercise price of $6.10 per ADS, are immediately exercisable, & expire on the earlier of five years from closing or 30 days after the primary endpoint is met in the CL-QRX003-004 clinical trial for Netherton Syndrome.
  • Certain investors purchased pre-funded warrants at $4.8799 per unit, which equals the ADS price minus $0.0001.
  • The private placement is expected to close on or about August 31, 2026, subject to customary closing conditions.
  • Proceeds will be used for general corporate purposes, including operating expenses, research & development for QRX003, working capital, acquisitions, & capital expenditures, with funds expected to support operations into the second half of 2029.
  • The offering was made in a private placement under Section 4(a)(2) of the Securities Act of 1933, & the company agreed to file a registration statement for the resale of the securities.
  • Quoin is a late clinical-stage company developing therapeutic products for rare diseases, focusing on platform candidates QRX003 & QRX009 for indications including Netherton Syndrome, Peeling Skin Syndrome, & others.