Qualigen Therapeutics Resumes Worldwide Distribution and Commercial Control Over FastPack®
April 05 2022 - 9:15AM
Qualigen Therapeutics, Inc. (Nasdaq: QLGN), a diversified life
sciences company focused on developing treatments for adult and
pediatric cancers with potential for Orphan Drug Designation, while
also commercializing diagnostics, today announces the official
resumption as of April 1, 2022 of worldwide distribution and
commercial control of FastPack® from previous marketing partner
Sekisui Diagnostics.
Michael Poirier, Qualigen's Chairman and CEO,
commented, “We are excited to resume all sales and marketing
control of our FastPack business. We remain grateful to Sekisui for
the successful partnership since 2016, and now welcome the
opportunity to realize the full benefit of our end-to-end efforts,
which will provide Qualigen 100% of the revenue from FastPack®
sales as we aim to improve the health of substantially more
patients. We have been steadfastly preparing for increased demand
that could result in increased revenue, along with the increase in
per-unit profitability for our diagnostics business, a key pillar
of our diversified life sciences strategy.”
“We look forward to continuing stewardship over
our FastPack® business. Meanwhile, we are focused on expanding the
reach of our rapid, accurate testing products, while seeking to
invest in new diagnostic technologies that may help position
Qualigen ahead of future global health crises,” added Amy
Broidrick, Qualigen’s President and Chief Strategy Officer.
Sales of Qualigen's FDA-cleared FastPack® System
diagnostic instruments and test kits have exceeded $120 million
since inception and have been used successfully in diagnostics for
over 20 years. FastPack® provides rapid and accurate immunoassay
tests for prostate cancer, men’s health, hormone function, PSA,
testosterone, thyroid disorders, pregnancy, and Vitamin D
status.
About Qualigen
Therapeutics, Inc.
Qualigen Therapeutics, Inc. is a diversified
life sciences company focused on developing treatments for adult
and pediatric cancer, as well as maintaining and expanding its core
FDA-cleared FastPack® System, which has been used successfully in
diagnostics for over 20 years. 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. 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). The investigational compounds within Qualigen’s RAS-F family
of 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. In addition to its
oncology drug pipeline, Qualigen has an established diagnostics
business which manufactures and distributes proprietary and highly
accurate rapid blood testing systems to physician offices and small
hospitals for the management of prostate cancer and other diseases
and health conditions.
For more information about Qualigen Therapeutics, Inc., please
visit www.qualigeninc.com.
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 the Company’s diagnostics business and its
development of 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 maintain
its diagnostic sales and marketing engine without interruption
following the expiration of the distribution agreement with Sekisui
Diagnostics, compete with others in this industry or expand market
demand and/or market share for its diagnostics product, nor can
there be any assurance that the Company will be able to
successfully develop any drugs (including QN-302, QN-247 and
RAS-F); that preclinical development of the Company's drugs
(including QN-302, QN-247 and RAS-F, 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,
QN-247 and RAS-F, and QN-165). The Company's stock price could be
harmed if any of the events or trends contemplated by the
forward-looking statements fails 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
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.
Contact:
Jules AbrahamJQA Partners,
Inc.917-885-7378jabraham@jqapartners.com
Source: Qualigen Therapeutics, Inc.
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