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Quoin Pharmaceuticals Stock Surges 140% on $104.5M Private Placement Deal
Quoin Pharmaceuticals Stock Surges 140% on $104.5M Private Placement Deal
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BTCCSquare news:
Quoin Pharmaceuticals (NASDAQ: QNRX) experienced a dramatic intraday surge of over 140%, reaching $19.62 per share following the announcement of a $104.5 million private placement. The funding, structured with an initial $16.5 million upfront and up to $88 million in potential warrant exercises, secures the company's financial runway through 2027.
Healthcare-focused investors, including AIGH Capital Management and Soleus Capital, participated in the deal, which was priced above Quoin's previous closing price. Maxim Group LLC acted as sole placement agent. The capital infusion accelerates development of Quoin's rare disease pipeline, particularly orphan drug candidate QRX003.
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