Qualigen Therapeutics, Inc. - QLGN STOCK NEWS

Qualigen Therapeutics has promoted Benedict M. Abugan to Vice President, Head of Diagnostics and Corporate Communications, effective January 23, 2023. Mr. Abugan boasts over two decades of experience in the medical diagnostics field and has played a significant role in the commercialization of various Qualigen FastPack^® products. His leadership roles have spanned investor relations, marketing, and technical support. CEO Michael Poirier expressed confidence in Mr. Abugan's future contributions, highlighting the company's aim to enhance its diagnostics business.

Qualigen focuses on developing cancer treatments and has an established diagnostics business.

Qualigen Therapeutics announced that the FDA has granted Orphan Drug Designation (ODD) to its lead drug candidate QN-302 for treating pancreatic cancer. This designation provides several advantages, including seven-year marketing exclusivity and potential tax credits. In 2019, approximately 89,248 people in the U.S. were estimated to have pancreatic cancer, qualifying it for ODD.

Qualigen aims to submit an IND application in the first half of 2023 for a Phase I clinical trial. The company is focused on developing treatments for rare cancers and maintaining its diagnostic products.

Qualigen Therapeutics (Nasdaq: QLGN) provided an update on its subsidiary, NanoSynex, highlighting progress made in 2022 and objectives for 2023. Key achievements include a majority investment transaction, development of a rapid Antimicrobial Susceptibility Test (AST), and successful pilot studies. Looking ahead, NanoSynex aims to secure CE approval, ISO certification, and conduct final clinical studies for the AST, which could significantly enhance infectious disease diagnostics, potentially saving lives and reducing healthcare costs.

Qualigen Therapeutics, Inc. has announced that it has regained compliance with Nasdaq's minimum bid price requirement. The company received notice from Nasdaq confirming that its common stock has maintained a closing bid price of at least $1.00 per share for 10 consecutive business days. This compliance resolves previous concerns related to its listing on The Nasdaq Capital Market. Qualigen focuses on developing cancer treatments and diagnostics, with investigational compounds like QN-302 and QN-247 targeted at various cancers.

Qualigen Therapeutics (Nasdaq: QLGN) has announced that it received FDA feedback following a pre-Investigational New Drug interaction for its QN-302 compound, aimed at treating advanced solid tumors. This guidance will aid in the preparation of their IND application, expected to be submitted in the first half of 2023. CEO Michael Poirier emphasized the importance of FDA input and collaboration with their Scientific Advisory Board as they advance QN-302 towards clinical trials.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced a 1-for-10 reverse stock split effective November 23, 2022. This decision aims to help the company regain compliance with Nasdaq's $1.00 minimum bid price requirement. The split was approved by stockholders at a reconvened annual meeting on October 28, 2022. Each 10 shares will convert to 1, and no fractional shares will be issued, though cash will be paid for any fractions. This move is deemed crucial for securing the company’s listing on Nasdaq and advancing its cancer therapeutic programs.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) reported a 25% year-over-year increase in sales of its FastPack diagnostics for Q3 2022, totaling $1.4 million. The company's net loss was approximately $4.1 million, consistent with the prior year. R&D costs decreased to $1.7 million as the company shifts focus from COVID-19 to its core therapeutics pipeline. Significant progress was noted in preclinical data for QN-302 and QN-247. Shareholders approved a reverse stock split to comply with Nasdaq listing requirements. Cash reserves stand at $6.6 million, expected to fund operations through Q3 2023.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) presented preclinical data on its RAS-targeted platform at the Fourth RAS Initiative Symposium held from October 17-19, 2022. The company is focused on developing treatments for cancers driven by RAS oncogenes. Two key posters highlighted the efficacy of its lead candidate, RAS-F, which demonstrated the potential to inhibit tumor growth in malignant peripheral nerve sheath tumors and pancreatic cancer. Qualigen aims to address the unmet need for more effective RAS-targeted therapies, as current options are limited.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced that President Amy Broidrick and Chief Medical Officer Tariq Arshad, MD, will present a corporate overview at the LD Micro Main Event XV from October 25-27, 2022. The presentation is scheduled for October 26 at 12:30 PM PT. Attendees can view the livestream by registering online. Qualigen focuses on developing treatments for adult and pediatric cancers and offers diagnostic solutions. Their investigational compounds, including QN-302 and QN-247, aim to inhibit cancer cell proliferation.