Qualigen Therapeutics Resumes Worldwide Distribution and Commercial Control Over FastPack®

Rhea-AI Summary

Qualigen Therapeutics (Nasdaq: QLGN) announced on April 1, 2022, the resumption of worldwide distribution and commercial control of its FastPack diagnostics business, previously managed by Sekisui Diagnostics. This transition enables Qualigen to receive 100% of the revenue from FastPack sales, enhancing profitability. The FastPack System has generated over $120 million in sales over 20 years, delivering rapid immunoassay tests for various health conditions. The company aims to expand its diagnostic offerings while developing new technologies for future health crises.

Positive

• Full control of FastPack diagnostics allows Qualigen to retain 100% revenue.
• FastPack sales exceed $120 million, indicating strong market presence.
• Focus on expanding diagnostic products and investing in new technologies.

Negative

• None.

Company Prepared for Growth and Improved Profitability of its Diagnostics Business

CARLSBAD, Calif., April 05, 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, today announces the official resumption as of April 1, 2022 of worldwide distribution and commercial control of FastPack^® from previous marketing partner Sekisui Diagnostics.

Michael Poirier, Qualigen's Chairman and CEO, commented, “We are excited to resume all sales and marketing control of our FastPack business. We remain grateful to Sekisui for the successful partnership since 2016, and now welcome the opportunity to realize the full benefit of our end-to-end efforts, which will provide Qualigen 100% of the revenue from FastPack^® sales as we aim to improve the health of substantially more patients. We have been steadfastly preparing for increased demand that could result in increased revenue, along with the increase in per-unit profitability for our diagnostics business, a key pillar of our diversified life sciences strategy.”

“We look forward to continuing stewardship over our FastPack^® business. Meanwhile, we are focused on expanding the reach of our rapid, accurate testing products, while seeking to invest in new diagnostic technologies that may help position Qualigen ahead of future global health crises,” added Amy Broidrick, Qualigen’s President and Chief Strategy Officer.

Sales of Qualigen's FDA-cleared FastPack^® System diagnostic instruments and test kits have exceeded $120 million since inception and have been used successfully in diagnostics for over 20 years. FastPack^® provides rapid and accurate immunoassay tests for prostate cancer, men’s health, hormone function, PSA, testosterone, thyroid disorders, pregnancy, and Vitamin D status.

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 does Qualigen Therapeutics (QLGN) do?

Qualigen Therapeutics focuses on developing cancer treatments and commercializing diagnostic products like the FastPack System.

When did Qualigen resume control of FastPack diagnostics?

Qualigen resumed control of FastPack diagnostics on April 1, 2022.

How much revenue has the FastPack System generated?

The FastPack System has generated over $120 million in sales since its inception.

What are the key benefits of Qualigen regaining control over FastPack?

Retaining full revenue from FastPack sales and enhancing profitability while expanding product offerings.