Stonepine reports 10% stake in Quoin Pharma
Rhea-AI Filing Summary
Stonepine Capital Management, LLC has filed an initial ownership report as a 10% owner of Quoin Pharmaceuticals, Ltd. It indirectly holds 3,271,100 Ordinary Shares, which are represented by 93,460 American Depositary Shares, with each ADS equal to 35 Ordinary Shares.
Through an affiliated limited partnership, Stonepine also indirectly holds pre-funded warrants exercisable at any time for 81,212 ADS, plus Series H, I, J and K warrants, each covering 121,212 ADS at stated exercise prices. These securities are held for the benefit of partnership investors, and the filers disclaim beneficial ownership beyond their pecuniary interests.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Stonepine Capital Management, LLC
Role
10% Owner
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Pre-Funded Warrants | -- | -- | -- |
| holding | Series H Warrants | -- | -- | -- |
| holding | Series I Warrants | -- | -- | -- |
| holding | Series J Warrants | -- | -- | -- |
| holding | Series K Warrants | -- | -- | -- |
| holding | Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
Pre-Funded Warrants — 81,212 contracts (Indirect, See Note 2);
Series H Warrants — 121,212 contracts (Indirect, See Note 2);
Series I Warrants — 121,212 contracts (Indirect, See Note 2);
Series J Warrants — 121,212 contracts (Indirect, See Note 2);
Series K Warrants — 121,212 contracts (Indirect, See Note 2);
Ordinary Shares — 3,271,100 shares (Indirect, See Note)
Footnotes (8)
- F1. These Ordinary Shares are held through 93,460 American Depositary Shares ("ADS") of the Issuer. Each ADS represents 35 Ordinary Shares.
- F2. The reporting persons are Stonepine Capital Management, LLC ("Stonepine"), Stonepine Capital, L.P. (the "Partnership"), Stonepine GP, LLC ("Stonepine GP") and Jon M. Plexico. Stonepine and Stonepine GP are the investment adviser and general partner, respectively, of the Partnership. Mr. Plexico is the control person of Stonepine and Stonepine GP. The Partnership hold these securities directly for the benefit of its investors. Stonepine and Stonepine GP may be deemed to indirectly beneficially own them as the investment adviser and general partner of the Partnership. Mr. Plexico may be deemed to indirectly beneficially own them as the control person of Stonepine and Stonepine GP. The filers disclaim beneficial ownership of the securities except to the extent of their respective pecuniary interests therein.
- F3. The pre-funded warrants are exercisable at any time and have no expiration date.
- F4. Each ADS represents 35 Ordinary Shares.
- F5. The Series H warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the Issuer's public announcement that the Issuer has received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.
- F6. The Series H warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the Issuer's public announcement that the Issuer has received Type C meeting minutes from the FDA indicating openness to baseline-controlled pivotal studies for QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.
- F7. The Series J warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the public announcement of the receipt of either accelerated or traditional approval by the FDA of QRX003 for the treatment of Netherton Syndrome and (ii) five years from the date of issuance.
- F8. The Series K warrants are immediately exercisable and will expire on the earlier of (i) 30 days after the public announcement of the Issuer's sale of a Priority Review Voucher (PRV) and (ii) five years from the date of issuance.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does Stonepine Capital report owning in Quoin Pharmaceuticals (QNRX)?
Stonepine Capital reports indirect beneficial ownership of 3,271,100 Ordinary Shares of Quoin Pharmaceuticals, held through 93,460 American Depositary Shares. Each ADS represents 35 Ordinary Shares, and the shares are held for the benefit of investors in an affiliated limited partnership.
What derivative securities linked to QNRX does Stonepine Capital hold?
Stonepine indirectly holds pre-funded warrants for 81,212 ADS and Series H, I, J and K warrants, each linked to 121,212 ADS, at specified exercise prices. These derivative positions provide additional exposure to Quoin Pharmaceuticals beyond the reported Ordinary Share holdings.
What is the exercise feature of Stonepine’s pre-funded warrants in QNRX?
The pre-funded warrants reported by Stonepine are exercisable at any time and have no expiration date. This means the associated ADS can be acquired whenever the holder chooses, subject to the warrant terms, providing flexible potential conversion into Quoin Pharmaceuticals equity.
When do Stonepine’s Series H warrants on Quoin Pharmaceuticals expire?
The Series H warrants are immediately exercisable and expire on the earlier of 30 days after Quoin announces FDA Type C meeting minutes indicating openness to certain QRX003 pivotal studies, or five years from issuance. This links warrant life to specific regulatory and time milestones.
What conditions affect Stonepine’s Series J and K QNRX warrants?
Series J warrants expire on the earlier of 30 days after an FDA accelerated or traditional approval announcement for QRX003, or five years from issuance. Series K warrants expire on the earlier of 30 days after an announcement of a Priority Review Voucher sale, or five years from issuance.
AI-generated analysis. How Rhea-AI works. Not financial advice.
