Quoin Stock Jumped 6% Following Key FDA Investigational New Drug Application
Following milestone news about the first potential FDA-approved treatment for the rare skin disease, Netherton Syndrome, shares of Quoin Pharmaceuticals (Nasdaq: QNRX) rose as much as 6% yesterday. Quoin, a boutique biotech focused on developing and commercializing treatments for rare skin diseases, submitted its investigational new drug application to the FDA ahead of the price shift.
The company expects clinical testing of its therapeutic, QRX003, to commence in Q2 this year and is targeting regulatory approval in the United States and Europe in 2024. With a dual focus on clinical trials and strong partnerships to advance global support for rare disease treatment, Quoin also recently submitted Scientific Briefing Advice to the European Medicines Agency (EMA) for QRX003.
Netherton Syndrome, a form of Ichthyosis, is a rare, hereditary skin disorder that leads to severe skin barrier defects and recurring infections, as well as a pronounced predisposition to allergies, asthma and eczema. Patients can also suffer severe dehydration, chronic skin inflammation and stunted growth. Currently, there is no cure for Netherton Syndrome or any approved therapeutic treatments. Daily application of QRX003 could potentially lead to improvement in skin architecture, resulting in substantially better quality of life for patients.