Qualigen Therapeutics Inc Stock Price, News & Analysis

Qualigen Therapeutics (Nasdaq: QLGN) reported significant developments in its 2021 outlook. The company has raised $12 million in a direct offering, bringing its total cash reserves to $24 million, extending its operational runway into 2022. Key initiatives for 2021 include initiating a Phase 2a clinical trial for AS1411 against COVID-19 and a Phase 1 trial for ALAN in acute myeloid leukemia. The diagnostics platform is also set for expansion, particularly with its FastPack® COVID-19 antibody test. Qualigen's management team has been strengthened with new appointments.

Qualigen Therapeutics (Nasdaq: QLGN) announced the closing of a registered direct offering, raising $12 million from a single institutional investor. The offering included the sale of 2,370,786 shares of common stock, 1,000,000 pre-funded common stock warrants, and two tranches of common stock warrants with an exercise price of $4.07 per share. A.G.P./Alliance Global Partners acted as the sole placement agent. This fundraising aims to support the development of its therapeutic pipeline focused on cancer and infectious diseases.

Qualigen Therapeutics announces a $12 million registered direct offering with an institutional investor. This agreement includes the sale of 2,370,786 Common Shares, 1,000,000 Pre-Funded Warrants, and 1,348,314 Common Warrants at a price of $3.56 per share. The offerings are expected to close on December 18, 2020, pending customary conditions. The Common Warrants will have an exercise price of $4.07 and a two-year term. A.G.P./Alliance Global Partners is the sole placement agent for this offering.

Qualigen Therapeutics (Nasdaq: QLGN) announced a new patent for its ALAN technology, enhancing cancer treatment and imaging. This patent, issued by the U.S. Patent and Trademark Office, covers Anti-Nucleolin Agent-Conjugated Nanoparticles, which may improve radiation therapy and MRI imaging. The company holds exclusive rights to ALAN, which combines a DNA aptamer and gold nanoparticles for targeting tumor cells, with Phase 1 trials set for 2021. Qualigen's patent portfolio now includes 58 issued and pending patents, emphasizing its commitment to developing innovative cancer therapies.

Qualigen Therapeutics (Nasdaq: QLGN) announced the appointment of Amy Broidrick as Executive Vice President and Chief Strategy Officer, and Sidney Emery, Jr. as an independent director of the board, effective December 7, 2020. Broidrick, a biopharma executive with over 25 years of experience, will lead strategic initiatives focused on the therapeutics pipeline. Emery's addition increases the board's size to seven, enhancing its expertise. The management changes aim to advance the development of the company's lead compound AS1411 for COVID-19 and other cancer therapeutics.

Qualigen Therapeutics (Nasdaq: QLGN) has completed the recertification of its AS1411 supply, gearing up for Phase 2a efficacy trials aimed at treating COVID-19. The company plans to file for FDA approval and initiate trials in early 2021. AS1411, a nucleolin-targeting DNA aptamer, has shown promise in preclinical studies at the University of Louisville, indicating potential effectiveness against COVID-19 and other viruses. Qualigen holds exclusive U.S. patent rights for AS1411's use against COVID-19 and is progressing with IND-enabling studies.

Qualigen Therapeutics (Nasdaq: QLGN) reported significant advancements in its strategic plan in a letter from CEO Michael Poirier. The company is progressing with its lead drug AS1411, showing potent antiviral activity against SARS-CoV-2. A positive FDA response for AS1411's Pre-IND application paves the way for a Phase 2a trial in 2021. Despite a decrease in revenues to $0.8 million from $1.2 million year-over-year due to COVID-19, Qualigen raised $18 million in funding, ensuring sufficient capital to advance its clinical pipeline, including the COVID-19 antibody test.

Qualigen Therapeutics (Nasdaq: QLGN) has contracted with STA Pharmaceutical for GMP production of AS1411, its leading COVID-19 drug candidate, to facilitate upcoming clinical trials. Preclinical studies at the University of Louisville demonstrated AS1411's capability to protect cells from coronavirus damage. Qualigen aims to file an IND application in early 2021 and start Phase 2a clinical trials in COVID-19 patients by mid-2021. AS1411 has previously shown a strong safety profile in over 100 cancer patients.

Qualigen Therapeutics (Nasdaq: QLGN) received positive feedback from the FDA regarding its Type B Pre-IND meeting for AS1411, a nucleolin-targeting drug candidate aimed at treating COVID-19. The FDA supports moving forward with a Phase 2a proof-of-concept study, assessing safety and dosing in hospitalized patients. This progress allows Qualigen to prioritize AS1411's clinical trials starting in H1 2021, followed by studies on ALAN against acute myeloid leukemia. Past preclinical trials have shown AS1411's effectiveness against SARS-CoV-2, suggesting its potential as a novel antiviral therapeutic.