Qualigen Therapeutics, Inc. - QLGN STOCK NEWS

Qualigen Therapeutics reported strong Q2 2022 results, with FastPack sales increasing by 28% year-over-year and gross profit rising 64%. Revenues reached $1.4 million, up from $1.1 million in Q2 2021. The company achieved key milestones in its oncology programs and acquired a majority stake in NanoSynex. Despite a net loss of $4.1 million, down from $5.4 million the previous year, R&D costs decreased significantly from $4.5 million to $1.5 million, indicating improved cost management. Qualigen expects its cash reserves of $9.7 million to sustain operations into 2023.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced the completion of its in vivo efficacy analysis for QN-247 in solid tumors, specifically in a model for triple negative breast cancer (TNBC). The results indicate robust efficacy and no safety concerns, leading the company to pursue further investigations. Qualigen plans to submit an IND for its QN-302 program targeting G-Quadruplex expressing solid tumors in the coming months. CEO Michael Poirier confirmed the company's strong cash position and readiness to raise capital as needed.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) has partnered with Hande Sciences to scale up manufacturing for its lead therapeutic program, QN-302, aimed at treating pancreatic cancer and other tumors. The collaboration will support IND-enabling GLP studies expected to start in Q3 2022. Hande Sciences is known for its expertise in custom synthesis and GMP manufacturing, with a facility expected to be operational by August 2022. QN-302 is a G-quadruplex-selective transcription inhibitor, potentially qualifying for Orphan Drug Designation due to pancreatic cancer's low prevalence.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) has announced its participation at the BIO International Convention taking place from June 13 to 16, 2022, at the San Diego Convention Center. The company's Chief Medical Officer, Tariq Arshad, will present an overview of its oncology drug pipeline and diagnostics business on June 15 at 2:30 PM PT. Qualigen focuses on developing cancer treatments and commercializing diagnostics, including investigational compounds QN-302 and QN-247, aimed at combating various cancers.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) has initiated IND-enabling studies for its lead program, QN-302, targeted at treating pancreatic cancer and other solid tumors. The company established a maximum tolerated dose for QN-302, validating its safety profile. An IND application to the FDA is slated for submission in the first half of 2023, with exploratory toxicology studies commencing in Q3 2022. Pancreatic ductal adenocarcinoma (PDAC) is a major focus, representing a critical unmet need, as it is one of the deadliest cancers globally.

Qualigen Therapeutics has acquired a majority stake in NanoSynex, a developer of advanced diagnostics technology, particularly an Antimicrobial Susceptibility Testing (AST) platform. This acquisition aims to enhance Qualigen's position in the $30+ billion global infectious disease diagnostics market. The AST platform promises rapid and accurate testing for difficult-to-treat bacterial infections, addressing the critical issue of antibiotic resistance. The deal includes stock-for-stock acquisition and future milestone funding to support commercialization efforts.

Qualigen Therapeutics (Nasdaq: QLGN) announced that two abstracts of its pan-RAS inhibitor program have been featured in the ASCO Annual Meeting Abstract Book. These studies highlight the effectiveness of RAS-F, which shows promise in treating pancreatic cancer and malignant peripheral nerve sheath tumors (MPNST). RAS-F demonstrated significant in vitro and in vivo activity, particularly against pancreatic tumors characterized by RAS mutations. The company aims to identify a lead candidate for IND-enabling studies by Q4 2022, reflecting positive scientific interest and collaboration with the University of Louisville.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced its participation in the H.C. Wainwright Global Investment Conference held from May 23-26, 2022, at the Fontainebleau Hotel in Miami Beach, FL. The company's management will present an overview of their oncology drug pipeline and diagnostics business. A webcast of the presentation will be available starting at 7:00 AM ET on May 24, 2022, and can be accessed for 90 days. Qualigen focuses on developing treatments for cancers and has FDA-cleared rapid blood testing systems for prostate cancer management.

Qualigen Therapeutics (Nasdaq: QLGN) reported Q1 2022 revenues of $0.7 million, down from $1.9 million year-over-year, due to the expiration of its agreement with Sekisui Diagnostics. The net loss for the quarter decreased to $4.3 million ($0.12 per share) from $5.2 million ($0.19 per share) in Q1 2021. The company resumed full control of FastPack® sales, anticipating growth in future quarters. Qualigen also acquired a majority stake in NanoSynex and expanded collaborations for its cancer therapeutics pipeline, including QN-302 for treating various cancers.