Welcome to our dedicated page for Qualigen Therapeutics news (Ticker: QLGN), a resource for investors and traders seeking the latest updates and insights on Qualigen Therapeutics stock.
Qualigen Therapeutics, Inc. (symbol: QLGN) is an early-clinical-stage therapeutics company dedicated to the development of innovative treatments for both adult and pediatric cancer. Headquartered in Carlsbad, California, the company's core focus lies in its pioneering research to tackle malignant diseases through its advanced therapeutic programs.
Core Business:
Qualigen's primary business activity revolves around its two key therapeutic programs. The flagship program, QN-302, is an investigational small molecule that acts as a G-quadruplexes (G4)-selective transcription inhibitor. This molecule exhibits a strong binding affinity to G4 structures prevalent in cancer cells, making it a potent candidate in cancer therapy. Additionally, Qualigen has another promising preclinical therapeutic program in its pipeline.
Recent Achievements:
- Recently, Qualigen transitioned from a preclinical to a clinical-stage company following the Investigational New Drug (IND) clearance for QN-302. This milestone marks a significant progression in clinical development and potential cancer treatment breakthroughs.
- The company also divested its FastPack® diagnostics business for approximately $5 million in an all-cash transaction. This strategic move enables Qualigen to concentrate resources on advancing its therapeutics pipeline.
Current Projects:
The ongoing development of QN-302 is a testament to Qualigen's commitment to pioneering cancer treatment solutions. The company is actively engaged in early-phase clinical trials to validate the efficacy and safety of QN-302 and other pipeline candidates.
Financial Condition:
The financial stability of Qualigen is bolstered by the sale proceeds from the divested diagnostics business, providing the necessary capital to fund ongoing and future therapeutic projects. Continuous investments in research and development underscore the company's dedication to discovering and developing novel cancer therapies.
Partnerships:
Qualigen collaborates with various research institutions and industry leaders to advance its drug development initiatives. These partnerships are crucial for fostering innovation and expediting the therapeutic development process.
For more information about Qualigen Therapeutics, Inc., please visit www.qlgntx.com.
Qualigen Therapeutics (NASDAQ:QLGN) has secured a $4.5 million private placement through the sale of Series A-2 Preferred Shares to institutional and accredited investors. The company sold 4,500 preferred shares at $1,000 per share, which are convertible into 1,236,263 common shares at a conversion price of $3.64 per share. Univest, serves as the exclusive placement agent, with the offering expected to close around November 19, 2024. The company will file a registration statement with the SEC for the resale of underlying common shares within fourteen days of closing.
Qualigen Therapeutics (NASDAQ: QLGN) announced a 1-for-50 reverse stock split effective November 5, 2024. The split aims to increase the bid price to regain compliance with Nasdaq's minimum bid price requirement. The company's shares will continue trading under 'QLGN' with a new CUSIP number 74754R 301. The split will reduce outstanding shares from approximately 36.7 million to 737 thousand. Stockholders will receive cash for fractional shares, and proportionate adjustments will be made to equity plans and grants.
Qualigen Therapeutics, Inc. (NASDAQ: QLGN) announced significant management changes on September 26, 2024. Michael Poirier resigned as CEO and Chairman of the Board, while Christopher Lotz stepped down as CFO, both effective immediately. Their resignations were due to disagreements over the company's future direction and strategic initiatives.
The Board appointed Campbell Becher as President on September 25, and Kevin Richardson as Interim CEO and CFO, as well as a board member, on September 26. Richardson, known for his experience in leading strategic and turnaround efforts in small cap companies, expressed excitement about enhancing shareholder value through new strategic initiatives. Becher echoed this sentiment, acknowledging the potential opportunities ahead for Qualigen.
Qualigen Therapeutics (NASDAQ: QLGN) announced on September 20, 2024, that it received a notice from Nasdaq on September 11, 2024. The Nasdaq Hearings Panel has granted an extension for the company's continued listing on The Nasdaq Capital Market. This extension is subject to Qualigen demonstrating compliance with all applicable criteria for continued listing by November 19, 2024. The company stated that it is diligently working to fulfill the requirements set forth by the Panel to ensure its continued listing on Nasdaq.
Qualigen Therapeutics (NASDAQ: QLGN) has closed its previously announced public offering, raising approximately $3.47 million in gross proceeds. The offering included 14,724,058 shares of common stock at $0.13 per share and pre-funded warrants to purchase up to 11,972,754 shares at $0.129 per share. Univest Securities, acted as the exclusive placement agent. The company plans to use the net proceeds for various purposes, including:
- Paying off a $2,000,000 Senior Note issued in July 2024
- Advancing clinical trials and preclinical studies
- General working capital
- Possible expansion of relationship with Marizyme, Inc.
- Potential future acquisitions
Qualigen Therapeutics (NASDAQ: QLGN) has announced the pricing of a $3.46 million public offering. The offering includes 14,724,058 shares of common stock at $0.13 per share and pre-funded warrants for up to 11,972,754 shares at $0.129 each. The closing is expected around September 6, 2024. Univest Securities, acted as the exclusive placement agent. The company plans to use the net proceeds for various purposes, including:
- Paying off a $2,000,000 Senior Note issued in July 2024
- Advancing clinical trials and preclinical studies
- General working capital
- Possible expansion of relationship with Marizyme, Inc.
- Potential future acquisitions
On May 23, 2024, Qualigen Therapeutics received a delisting notice from Nasdaq due to non-compliance with the minimum bid price requirement and failure to file Form 10-Q for the period ended March 31, 2024. Qualigen's stock has been trading below $1.00 for more than 30 consecutive business days, violating Nasdaq Listing Rule 5550(a)(2). Additionally, the company failed to meet the $2.5 million minimum stockholders’ equity requirement by the extended deadline of May 21, 2024. Qualigen has requested a hearing before a Nasdaq Hearings Panel to stay the suspension of trading and intends to submit a compliance plan. The company's stock will continue to trade under the symbol 'QLGN' during this process.
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