STOCK TITAN

Qualigen Therapeutics, Inc. - QLGN STOCK NEWS

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.

Rhea-AI Summary

Qualigen Therapeutics (NASDAQ: QLGN) has announced its regained compliance with two important Nasdaq listing requirements: the minimum bid price requirement and the stockholders' equity requirement. The Nasdaq Hearing Panel will monitor the company's compliance through two mechanisms: a Discretionary Panel Monitor and a Mandatory Panel Monitor, both effective for one year starting December 2, 2024. These monitoring measures are implemented to ensure Qualigen maintains long-term compliance with Nasdaq's continued listing requirements.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.5%
Tags
none
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
6.04%
Tags
private placement
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-0.2%
Tags
none
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
management
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.84%
Tags
none
-
Rhea-AI Summary

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
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3%
Tags
Rhea-AI Summary

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
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-10.68%
Tags
-
Rhea-AI Summary

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.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.1%
Tags
none
-
Rhea-AI Summary
Qualigen Therapeutics, Inc. presents preclinical data on Novel Direct Pan-RAS Inhibitors at the AACR Annual Meeting 2024, showing potential for broad-based cancer treatment. The compounds target various RAS mutations with minimal toxicity, suggesting promising therapeutic applications.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-4.76%
Tags
none
Rhea-AI Summary
Qualigen Therapeutics, Inc. presents early clinical data on its novel anti-cancer drug QN-302 at AACR Annual Meeting 2024. Encouraging results show no DLTs or SAEs in pancreatic cancer patients, with some showing stable disease. Dose escalation ongoing with positive patient outcomes.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.45%
Tags
none

FAQ

What is the current stock price of Qualigen Therapeutics (QLGN)?

The current stock price of Qualigen Therapeutics (QLGN) is $3.9 as of December 20, 2024.

What is the market cap of Qualigen Therapeutics (QLGN)?

The market cap of Qualigen Therapeutics (QLGN) is approximately 3.1M.

What is Qualigen Therapeutics' core business?

Qualigen Therapeutics focuses on developing innovative treatments for adult and pediatric cancer through its advanced therapeutic programs.

What is QN-302?

QN-302 is an investigational small molecule G-quadruplexes (G4)-selective transcription inhibitor with strong binding affinity to G4s prevalent in cancer cells.

What recent achievements has Qualigen Therapeutics made?

Qualigen has transitioned to a clinical-stage company with the IND clearance for QN-302 and sold its FastPack® diagnostics business for $5 million.

What current projects is Qualigen involved in?

Qualigen is involved in early-phase clinical trials to validate the efficacy and safety of QN-302 and other pipeline candidates.

How does Qualigen support its financial condition?

Qualigen's financial health is supported by proceeds from the FastPack® diagnostics business sale, enabling continued investment in therapeutic projects.

Does Qualigen Therapeutics collaborate with other entities?

Yes, Qualigen partners with various research institutions and industry leaders to advance its drug development initiatives.

Where is Qualigen Therapeutics headquartered?

Qualigen Therapeutics is headquartered in Carlsbad, California.

What is the significance of the IND clearance for QN-302?

The IND clearance allows QN-302 to transition from preclinical to clinical-stage, marking a significant step in its development as a cancer treatment.

How can I get more information about Qualigen Therapeutics?

For more information, visit their website at www.qlgntx.com.

Who can I contact for investor relations queries?

You can contact Qualigen's investor relations at ir@qlgntx.com or call 760-530-6487.

Qualigen Therapeutics, Inc.

Nasdaq:QLGN

QLGN Rankings

QLGN Stock Data

3.07M
708.69k
3.77%
1.77%
2.84%
Biotechnology
Pharmaceutical Preparations
Link
United States of America
CALIFORNIA