Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) Chief Financial Officer Dunn Gordon recently acquired a substantial number of shares in the company. According to an SEC filing, Gordon purchased 122,221 ordinary shares on December 23 at a price of $0.45 per share, totaling approximately $54,999. The purchase comes as InvestingPro data shows the stock trading at $0.55, with the company maintaining a strong current ratio of 3.02x and holding more cash than debt on its balance sheet.
In addition to the ordinary shares, Gordon also acquired Series F and Series G Warrants, each representing the right to purchase an equal number of American Depositary Shares (ADS). These transactions were part of Quoin Pharmaceuticals' recent public offering, which closed on the same date.
Following these transactions, Gordon holds 151,077 shares directly, highlighting his continued confidence in the company's future prospects.
In other recent news, Quoin Pharmaceuticals Ltd. has set terms for a public offering expected to generate gross proceeds of around $6.8 million. The offering comprises ordinary shares and warrants to purchase additional shares. The transaction is anticipated to close, subject to customary closing conditions. Proceeds will be allocated towards general corporate purposes, including operational expenses, research and development activities, and potential acquisitions. Maxim Group LLC is serving as the sole placement agent for the offering.
In a significant development, Quoin Pharmaceuticals has advanced its study of QRX003, a potential treatment for Netherton Syndrome (NS). The U.S. Food and Drug Administration has approved an additional clinical study, marking the most extensive application of QRX003 in a clinical setting so far. The company has also expanded its NS clinical trials to include two new sites in the United Kingdom (TADAWUL:4280).
In governance moves, Quoin Pharmaceuticals has amended shareholder rights and adjusted executive compensation programs, which align with the company's Compensation Policy and provide competitive incentives. The shareholders approved compensation programs for CEO Dr. Michael Myers and COO Denise Carter. The company has also been granted an additional 180-day period by The Nasdaq Stock Market LLC to meet its minimum bid price requirement. Quoin Pharmaceuticals is actively exploring options to regain compliance with Nasdaq's listing requirements.
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