Qualigen Therapeutics Appoints Shishir Sinha to Lead Diagnostics Division Following Promotion to Senior Vice President

Rhea-AI Summary

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced the promotion of Shishir Sinha to lead its diagnostics division, having served as COO. This change aligns with the company's strategy to enhance its diagnostics business, particularly following the return of FastPack® sales and marketing. Sinha expressed commitment to grow the diagnostics segment, aiming to increase sales and broaden the distribution network. The company continues to focus on its cancer treatments while ensuring high-quality diagnostics for healthcare providers.

Positive

• Shishir Sinha's promotion is expected to enhance leadership in the diagnostics division.
• The return of FastPack® sales signals a positive shift for the business.
• Focus on growth and innovation in the diagnostics segment may increase market share.

Negative

• Uncertainty remains regarding the competitive landscape post-distribution agreement expiration with Sekisui Diagnostics.
• Challenges in developing and gaining approvals for investigational drugs may affect long-term success.

CARLSBAD, Calif., April 29, 2022 (GLOBE NEWSWIRE) -- Qualigen Therapeutics, Inc. (Nasdaq: QLGN), a diversified life sciences company focused on developing treatments for adult and pediatric cancers with potential for Orphan Drug Designation, while also commercializing diagnostics, announces today that it has appointed Shishir Sinha, the Company’s newly promoted Senior Vice President and current Chief Operating Officer, to lead the Company’s diagnostics division.

“Shishir’s consistent leadership as chief operating officer has been an essential part of our strategy to date. With the return of the sales and marketing of FastPack^® last month, our diagnostics business is an essential asset to the strategic success of the Company. Therefore, it is only fitting that we now entrust Shishir with implementing our plans to grow and evolve our diagnostics business,” commented Michael Poirier, Qualigen’s Chief Executive Officer and Chairman. “We are confident in Shishir’s leadership to drive growth and technological development in this cornerstone of our business operations.”

“Qualigen’s future as a diversified life sciences company is grounded in its roots as an operating diagnostics company, and the diagnostics arm of the Company has the greatest potential for growth in the short term. I take seriously the responsibility of guiding the business into this new era and will work closely with our talented diagnostics team to continue to increase sales and our worldwide distribution footprint, provide patients and clinicians with high quality and innovation, and deliver measurable value to our shareholders,” added Mr. Sinha.

About Qualigen Therapeutics, Inc.

Qualigen Therapeutics, Inc. is a diversified life sciences company focused on developing treatments for adult and pediatric cancer, as well as maintaining and expanding its core FDA-cleared FastPack^® System, which has been used successfully in diagnostics for over 20 years. Our investigational QN-302 compound is a small molecule selective transcription inhibitor with strong binding affinity to G4s prevalent in cancer cells; such binding could, by stabilizing the G4s against “unwinding,” help inhibit cancer cell proliferation. Our investigational QN-247 compound inhibits nucleolin, a key multi-functional regulatory protein that is overexpressed in cancer cells; QN-247 may thereby be able to inhibit the cells’ proliferation. QN-247 has shown promise in preclinical studies for the treatment of acute myeloid leukemia (AML). The investigational compounds within Qualigen’s RAS-F family of RAS oncogene protein-protein interaction inhibitor small molecules are believed to inhibit or block the binding of mutated RAS genes’ proteins to their effector proteins, thereby leaving the proteins from the mutated RAS unable to cause further harm. In theory, such mechanism of action may be effective in the treatment of about one quarter of all cancers, including certain forms of pancreatic, colorectal, and lung cancers. In addition to its oncology drug pipeline, Qualigen has an established diagnostics business which manufactures and distributes proprietary and highly accurate rapid blood testing systems to physician offices and small hospitals for the management of prostate cancer and other diseases and health conditions.

For more information about Qualigen Therapeutics, Inc., please visit www.qualigeninc.com.

Forward-Looking Statements

This news release contains forward-looking statements by Qualigen that involve risks and uncertainties and reflect the Company's judgment as of the date of this release. These statements include those related to the Company's prospects and strategy for the Company’s diagnostics business and its development of therapeutic drug candidates. Actual events or results may differ from the Company's expectations. For example, there can be no assurance that the Company will be able to maintain its diagnostic sales and marketing engine without interruption following the expiration of the distribution agreement with Sekisui Diagnostics, compete with others in this industry or expand market demand and/or market share for its diagnostics product, nor can there be any assurance that the Company will be able to successfully develop any drugs (including QN-302, QN-247 and RAS-F); that preclinical development of the Company's drugs (including QN-302, QN-247 and RAS-F, and the deprioritized infectious-disease drug candidate QN-165) will be completed on any projected timeline or will be successful; that any clinical trials will be approved to begin by or will proceed as contemplated by any projected timeline, or at all; that any future clinical trial data will be favorable or that such trials will confirm any improvements over other products or lack negative impacts; that any drugs will receive required regulatory approvals (or Fast Track designation or Orphan Drug status) or that they will be commercially successful; that patents will issue on the Company's owned and in-licensed patent applications; that such patents, if any, and the Company's currently owned and in-licensed patents would prevent competition; or that the Company will be able to procure or earn sufficient working capital to complete the development, testing and launch of the Company's prospective therapeutic products (including QN-302, QN-247 and RAS-F, and QN-165). The Company's stock price could be harmed if any of the events or trends contemplated by the forward-looking statements fails to occur or is delayed or if any actual future event otherwise differs from expectations. Additional information concerning these and other risk factors affecting the Company's business can be found in the Company's prior filings with the Securities and Exchange Commission, including its most recent Form 10-K, all of which are available at www.sec.gov.

The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Contact:

Jules Abraham
JQA Partners, Inc.
917-885-7378
jabraham@jqapartners.com

Source: Qualigen Therapeutics, Inc.

FAQ

What recent management change occurred at Qualigen Therapeutics (QLGN)?

Shishir Sinha was promoted to lead the diagnostics division.

What is the significance of Shishir Sinha's appointment for Qualigen (QLGN)?

His leadership is expected to drive growth and innovation in Qualigen's diagnostics business.

How does the return of FastPack sales impact Qualigen (QLGN)?

It is seen as a positive development for enhancing the company's diagnostics division and overall strategy.

What risks does Qualigen (QLGN) face following the management change?

There are uncertainties related to competition and the development of their investigational drugs.