Qualigen Therapeutics Divests FastPack® Diagnostics Business
24 Julho 2023 - 9:15AM
Qualigen Therapeutics, Inc. (Nasdaq: QLGN), a therapeutics company
focused on developing treatments for adult and pediatric cancers
with potential for Orphan Drug Designation, announces today that it
has sold its FastPack® diagnostics business to Chembio Diagnostics,
Inc., an American subsidiary of French diagnostics provider
BIOSYNEX Group, a leader in the design and distribution of rapid
tests.
The all cash transaction, which closed on July
20, 2023, enables the Company to further streamline operations and
enhance its focus with additional capital on its therapeutics
pipeline, in particular QN-302, its small molecule G-Quadruplex
(G4) selective transcription inhibitor, and its pre-clinical
pan-RAS inhibitor platform. QN-302 has strong binding affinity to
G4s prevalent in cancer cells and is being developed for the
potential treatment of solid tumors including pancreatic cancer,
for which it was granted Orphan Drug Designation in January.
Michael Poirier, Qualigen's Chairman and CEO,
commented, “We are proud of the legacy our FastPack® rapid
immunodiagnostics system has established by providing patients and
doctors with quality laboratory solutions for over two decades.
However, as we have transitioned our focus to cancer therapeutics,
it is appropriate that we re-align our priorities and resources.
BIOSYNEX, with their proven track record in rapid diagnostics, has
the expertise and resources to further expand FastPack’s footprint
throughout the in vitro diagnostics (IVD) market worldwide. In the
meantime, we now have the ability to strengthen our efforts towards
advancing our cancer therapeutics portfolio and look forward to
reporting further developments soon.”
About Qualigen
Therapeutics, Inc.
Qualigen Therapeutics, Inc. is a therapeutics
company focused on developing treatments for adult and pediatric
cancer. Our investigational QN-302 compound is a small molecule
selective transcription inhibitor with strong binding affinity to
G4s prevalent in cancer cells; such binding could, by stabilizing
the G4s against “unwinding”, help inhibit cancer cell
proliferation. The investigational compounds within Qualigen’s
family of pan-RAS oncogene protein-protein interaction inhibitor
small molecules are believed to inhibit or block the binding of
mutated RAS genes’ proteins to their effector proteins, thereby
leaving the proteins from the mutated RAS unable to cause further
harm. In theory, such mechanism of action may be effective in the
treatment of about one quarter of all cancers, including certain
forms of pancreatic, colorectal, and lung cancers. Our
investigational QN-247 compound inhibits nucleolin, a key
multi-functional regulatory protein that is overexpressed in cancer
cells; QN-247 may thereby be able to inhibit the cells’
proliferation. QN-247 has shown promise in preclinical studies for
the treatment of acute myeloid leukemia (AML).
About BIOSYNEX
Founded in 2005, French laboratory BIOSYNEX is a
leading healthcare diagnostics group, specializing in rapid tests,
monitoring of biotherapy and molecular diagnostics.
As a key player in the medicine of the future,
promoting improved access to healthcare, BIOSYNEX offers innovative
healthcare solutions to a large range of users, including
laboratories, hospitals, doctors and the general public, to improve
overall patient care.
For the general public: the BIOSYNEX Pharma
division, specialized in self-diagnostics and family health
products. It markets a complete range of well established brands in
the fields of prevention, diagnosis and natural care to a large
network of pharmacies and parapharmacies in Europe.
For professionals: the BIOSYNEX Diagnostic
division, a technology based business positioned in growing
sectors, develops and offers in vitro diagnostic medical devices
such as rapid diagnostic tests (RDTs), molecular biology tests and
point-of-care (POC) tests for screening, and diagnosis to
laboratories, hospitals, doctors and nursing homes.
Headquartered in Illkirch-Graffenstaden, Alsace,
the BIOSYNEX Group employs over 500 people and has a presence in 95
countries. The Group generated sales of €196.6 million in 2022.
Listed on Euronext Growth (FR0011005933 ALBIO), BIOSYNEX is
eligible for the French PEA PM scheme.
Forward-Looking Statements
This news release contains forward-looking
statements by Qualigen that involve risks and uncertainties and
reflect the Company's judgment as of the date of this release.
These statements include those related to the Company's prospects
and strategy for development of its therapeutic drug candidates.
Actual events or results may differ from the Company's
expectations. For example, there can be no assurance that the
Company will be able to successfully develop any drugs (including
QN-302, pan-RAS and QN-247); that preclinical development of the
Company's drugs (including QN-302, pan-RAS and QN-247, and the
deprioritized infectious-disease drug candidate QN-165) will be
completed on any projected timeline or will be successful; that any
clinical trials will be approved to begin by or will proceed as
contemplated by any projected timeline, or at all; that any future
clinical trial data will be favorable or that such trials will
confirm any improvements over other products or lack negative
impacts; that any drugs will receive required regulatory approvals
(or Fast Track designation or Orphan Drug status) or that they will
be commercially successful; that patents will issue on the
Company's owned and in-licensed patent applications; that such
patents, if any, and the Company's currently owned and in-licensed
patents would prevent competition; or that the Company will be able
to procure or earn sufficient working capital to complete the
development, testing and launch of the Company's prospective
therapeutic products (including QN-302, RAS and QN-247, and
QN-165). The Company's stock price could be harmed if any of the
events or trends contemplated by the forward-looking statements
fail to occur or is delayed or if any actual future event otherwise
differs from expectations. Additional information concerning these
and other risk factors affecting the Company's business can be
found in the Company's prior filings with the Securities and
Exchange Commission, including its most recent annual report on
Form 10-K, all of which are available at www.sec.gov.
The Company disclaims any intent or obligation
to update these forward-looking statements beyond the date of this
news release, except as required by law. This caution is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
For more information about Qualigen
Therapeutics, Inc., please visit www.qualigeninc.com.
Contact:
Investor Relations760-530-6487ir@qualigeninc.com
Source: Qualigen Therapeutics, Inc.
Qualigen Therapeutics (NASDAQ:QLGN)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
Qualigen Therapeutics (NASDAQ:QLGN)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024