Why Quoin’s Stock Jumped 9% Yesterday
Shares rose on news of exclusive distribution deal with ER-Kim Pharmaceutical
Shares of Quoin Pharmaceuticals (Nasdaq:QNRX), a boutique biotech focused on developing and commercializing treatments for rare skin diseases, rose as much as 9% on Tuesday. The move appears to be a confident response to the news of the company’s ER-Kim distribution extension agreement.
Advancing global support for rare disease treatment, Quoin continues to harness the power of strategic partnerships. While many smaller biotechs concentrate exclusively on clinical trial results, Quoin’s dual strategy incorporates trials as well as strong partnerships that foster the right commercial environment for its rare disease treatments.
Tuesday’s announcement extends Quoin’s exclusive distribution agreement with ER-Kim, a partner for biotech companies in Central and Eastern Europe, for the company’s investigational treatment for Netherton Syndrome, a rare and devastating genetic disease for which there is currently no available treatment or cure.
Under the terms of the revenue-sharing agreement, ER-Kim gains exclusive rights to commercialize QRX003 in six additional countries: Turkey, Georgia, Azerbaijan, Greece, Cyprus and Malta, in addition to the 15 countries covered under the initial agreement. Further, Quoin has established exclusive distribution agreements with a number of other commercial partners across the globe, reaching a total of 60 countries.
The company is positioned to potentially deliver the first FDA-approved treatment for the disease and is targeting regulatory approvals for its pipeline of therapeutics in the United States and Europe in 2024, 2025 and 2026.
With favorable clinical development paths, high unmet needs and sales anticipated to reach $262 billion by 2024, investors are increasingly turning their attention to the rare disease space. Investors have also noticed Quoin’s recent momentum and all indicators suggest the company has no intentions of slowing down anytime soon.