Qualigen Therapeutics to Acquire Majority Stake in Diagnostics Technology Company NanoSynex
May 03 2022 - 9:17AM
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 it has entered
into definitive agreements to acquire a majority stake in NanoSynex
Ltd., an Israeli-based developer of next generation diagnostics
technology.
NanoSynex’s technology is an Antimicrobial
Susceptibility Testing (AST) platform that aims to provide clinical
laboratories worldwide with a rapid, accurate and personalized test
for bacterial infections, with the goal of quickly matching the
correct antibiotics to treat a patient’s particular infection.
Antibiotic misuse and overuse have given rise to antibiotic
resistant bacteria, commonly known as superbugs, which the World
Health Organization has called one of the top ten global public
health threats facing humanity. NanoSynex’s AST platform aims to
enable better targeting of antibiotics for their most suitable uses
to ultimately result in faster and more efficacious treatment,
hence reducing hospitals mortality and morbidity rates.
Deaths associated with antimicrobial resistance
have been on the rise, which is believed to be due in no small part
to antibiotic overuse or misuse. A systematic analysis published in
the Lancet estimates that antimicrobial resistance caused 1.2
million deaths worldwide in 2019 and an additional estimated 4.95
million deaths were linked to antimicrobial resistance.1
Michael Poirier, Qualigen's Chairman and CEO,
commented, “We look forward to collaborating with the dynamic team
at NanoSynex to help develop and commercialize this potentially
game-changing technology. Qualigen is committed to investing in
people and products that can position us ahead of the next global
health crisis where rapid deployment of diagnostic tools is
critical. Acquiring a majority stake in NanoSynex will provide us
with the opportunity to leverage our long-standing diagnostics
development, regulatory and commercial expertise as we expand our
footprint as a diversified life sciences company.”
“We are proud to join in Qualigen’s mission to
develop innovative diagnostics. NanoSynex and Qualigen share the
same goal to provide clinicians with the solutions they need to
treat patients more readily, accurately, and effectively. Together
with Qualigen, we believe we will revolutionize patient care.” said
Diane Abensur Bessin, Co-Founder and Chief Executive Officer of
NanoSynex.
Qualigen’s purchase of the controlling interest
in NanoSynex will be primarily comprised of a stock-for-stock
acquisition with a controlling shareholder of NanoSynex, as well as
an initial $600,000 cash investment in NanoSynex, and is subject to
certain closing conditions. Subject to the closing of the
transactions, Qualigen expects to consolidate the financial results
of NanoSynex, and provide future milestone-based funding leading to
the commercialization of this technology. Qualigen envisions future
synergy of its proprietary, results-proven FastPack® diagnostics
platform with the innovative NanoSynex technology, further
strengthening the Company’s diagnostics business which has seen a
resurgence post Covid lockdown.
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.
About NanoSynex
NanoSynex is a MedTech company that aims at
providing new solutions to improve testing quality, patient
outcomes, and reduce healthcare costs by speeding up diagnostic
processes. NanoSynex is focused on the development and
commercialization of a rapid innovative Antimicrobial
Susceptibility Test (AST). The technology is based on a purely
phenotypic approach and uses a microfluidic disposable test card
platform and method that optimizes bacterial growth. This
disruptive development was born from exciting research discoveries
at the lab of Professor Shulamit Levenberg, former Dean of the
Technion Institute of Technology – Biomedical Engineering
Faculty.
For more information about NanoSynex, please visit
www.nanosynex.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 satisfaction of
closing conditions in connection with the proposed transaction with
NanoSynex and the Company's prospects and strategy for its
diagnostics business and 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
closing conditions for the NanoSynex transaction will be satisfied
or 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.
1
https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(21)02724-0/fulltext
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