Why Quoin Stock Jumped 40% Yesterday
Quoin (Nasdaq:QNRX), a boutique biotech developing and commercializing treatments for rare skin diseases, shared the notable news that it has received FDA clearance to begin clinical testing for its new Investigational New Drug (IND) to treat Netherton Syndrome, a rare and devastating genetic disease with no cure or approved treatment.
“We are extremely pleased to announce clearance of our IND application and we look forward to initiating clinical testing in patients with NS in the first half of this year. This is an important milestone both for Quoin and potentially for this very underserved patient population,” said Dr. Michael Myers, Chief Executive Officer of Quoin.
Quoin is now well-positioned to potentially deliver the first FDA-approved treatment for Netherton Syndrome, which leads to severe skin barrier defects and recurring infections. Its lead candidate is QRX0003, a topical lotion designed to lead to a more normalized skin shedding process and formation of a stronger, more effective skin barrier. Clinical testing will launch in the first half of 2022.
Not only is Quoin advancing the clinical development of this treatment for Netherton Syndrome, it is also laying the groundwork for future commercialization efforts. The company has established relationships with dermatology experts and patient support foundations, as well as having exclusive distribution agreements for the product in nearly 60 countries with 6 different pharmaceutical partners.
The company is targeting regulatory approval in the United States and Europe in 2024, where it will market the product itself with its own commercial infrastructure.
To that end, Maxim reiterated a “buy” rating for Quoin in its latest Equity Research Company Update, along with a $5 price target, while JMP Securities has a price target of $8.