Qualigen Therapeutics, Inc. - QLGN STOCK NEWS

Qualigen Therapeutics (Nasdaq: QLGN) announced a shift to full control of its diagnostics business following the expiration of its agreement with Sekisui Diagnostics. This transition is expected to boost revenue and profit margins from its FastPack diagnostics system. The company is also advancing its therapeutic pipeline, notably developing QN-302 for pancreatic cancer, which has shown promise in preclinical studies. Qualigen aims to enhance shareholder value through strategic investments and by diversifying its offerings in diagnostics and therapeutics.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced the acceptance of three abstracts for poster presentations at the American Association of Cancer Research (AACR) conference, scheduled for April 8-13, 2022, in New Orleans. The abstracts focus on QN-302, a compound aimed at treating pancreatic cancer and other tumors. Presentations include insights on the compound's anti-tumor activity in various cancer models. Qualigen continues to advance its pipeline of oncology treatments, including QN-247 and other investigational compounds targeted at cancer proliferation.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) has appointed Professor Stephen Neidle as a scientific advisor to enhance the development of its lead compound QN-302, aimed at treating pancreatic ductal adenocarcinoma (PDAC). With over 30 years of experience and numerous publications, Neidle will collaborate with Qualigen's team to conduct essential IND-enabling studies. Qualigen believes QN-302 could also achieve Orphan Drug Designation, which could offer regulatory advantages. Pancreatic cancer remains a significant health concern, with high mortality rates and a growing number of diagnoses.

Qualigen Therapeutics has exclusively in-licensed a genomic quadruplex (G4)-selective transcription inhibitor program from University College London (UCL), aimed at developing QN-302 for pancreatic cancer treatment. This program enhances Qualigen's oncology pipeline and expands its intellectual property portfolio. QN-302 shows promise in preclinical studies, demonstrating anti-tumor activity against various cancers, including gemcitabine-resistant pancreatic tumors. Given the low survival rate of pancreatic cancer, QN-302 may qualify for Orphan Drug Designation, offering regulatory and commercial advantages.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) has promoted Amy Broidrick to President and Chief Strategy Officer, continuing her strategic guidance in oncology pipeline programs and financial strategy. CEO Michael Poirier remains at the helm. Broidrick, who has over 26 years of biopharmaceutical experience, aims to advance Qualigen's promising oncology treatments, including QN-247 and RAS-F. The company focuses on treatments for adult and pediatric cancers, with potential for Orphan Drug Designation, while also maintaining its FDA-approved FastPack diagnostics system.

Qualigen Therapeutics announced the closing of a registered direct offering, selling 5,880,000 shares at $1.50 each, totaling $8,820,000 in gross proceeds. The offering was facilitated by A.G.P./Alliance Global Partners under an effective shelf registration statement. These funds could support the development of its therapeutic pipeline, including cancer drug candidates like QN-247 and RAS-F. However, the press release also contains forward-looking statements indicating potential risks regarding the success of drug development and regulatory approvals.

Qualigen Therapeutics (NASDAQ: QLGN) announced definitive agreements for the sale of 5,880,000 shares of common stock at $1.50 per share in a registered direct offering, expected to close around December 1, 2021. This offering is subject to conditions including a waiver from a prior investor concerning stock sale rights and warrant repricing. A.G.P./Alliance Global Partners is the sole placement agent. The transaction is part of a shelf registration statement filed with the SEC.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) reported a 38% increase in quarterly revenues to approximately $1.2 million for Q3 2021, up from $0.8 million in Q3 2020, and a 30% rise in year-to-date revenues to $4.2 million compared to $3.2 million year-over-year.
The net loss decreased to $2.9 million or $0.10 per share for Q3 2021, improved from a loss of $8.1 million or $0.41 per share in Q3 2020. Cash equivalents stand at $12.3 million, adequate for operations through late 2022.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced a study validating its FastPack^® IP diagnostic test for thyroid stimulating hormone (TSH) levels, published in Diagnostics. The study, with 100 participants, found FastPack comparable to traditional lab methods, offering results in about 15 minutes versus a 2-day wait. This validates FastPack's accuracy in real-world settings, enhancing its market position. Since its inception, FastPack sales have surpassed $100 million, demonstrating its established role in diagnostics for various conditions.