Qualigen Therapeutics Inc Stock Price, News & Analysis

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.

Qualigen Therapeutics (Nasdaq: QLGN) announced its acquisition of a majority stake in NanoSynex Ltd, which will showcase its innovative Antimicrobial Susceptibility Testing (AST) platform at BioMed Israel on May 11, 2022. This technology aims to revolutionize bacterial infection treatment by providing faster test results, potentially reducing mortality and morbidity rates in hospitals. CEO Michael Poirier emphasized the importance of this collaboration, aligning with the global need to combat antibiotic-resistant bacteria, termed superbugs, by ensuring accurate antibiotic targeting.

Qualigen Therapeutics (Nasdaq: QLGN) has announced a definitive agreement to acquire a majority stake in Israel-based NanoSynex, aimed at developing an Antimicrobial Susceptibility Testing (AST) platform to combat antibiotic-resistant superbugs. This acquisition includes a stock-for-stock deal and an initial investment of $600,000. The AST platform is designed to provide rapid and accurate bacterial infection tests, promoting better targeting of antibiotics. Qualigen aims to leverage its existing diagnostics capabilities alongside NanoSynex's technology to enhance patient care and reduce mortality rates linked to antimicrobial resistance.

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.

Qualigen Therapeutics (Nasdaq: QLGN) announced promising findings from three posters presented at the AACR conference, focusing on their lead therapeutic program QN-302, a potential treatment for pancreatic and prostate cancers. QN-302 showed significant anti-proliferative and anti-tumor activities in preclinical models. The American Cancer Society predicts approximately 62,210 pancreatic cancer diagnoses and 49,830 deaths in the U.S. in 2022. The company remains on track for initiating IND-enabling studies, emphasizing its commitment to addressing high unmet medical needs in cancer treatment.

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.