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 completed
the acquisition of a majority stake in NanoSynex Ltd., an
Israeli-based developer of next generation diagnostics technology.
NanoSynex’s award winning 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, especially
difficult-to-treat drug resistant strains, with the goal of quickly
matching the correct antibiotics at the correct concentration to
treat a patient’s specific infection. Antibiotic misuse and overuse
have given significant rise to more frequent and more deadly
antibiotic resistant bacteria, such as Methicillin-resistant
Staphylococcus aureus (MRSA). Multi-drug resistant pathogens such
as these have been declared a substantial threat to U.S. public
health and national security by the Institute of Medicine and a
federal Interagency Task Force on Antimicrobial Resistance.
According to some estimates, the global infectious disease
diagnostics market is expected to reach ~$39.8 Billion by 2026 from
~$28.1 Billion in 2021.
Michael Poirier, Qualigen's Chairman and CEO,
commented, “Living through two and a half years of COVID-19 has
taught us the critical role diagnostics plays in combating
infectious disease, and the need to be prepared for the next wave.
NanoSynex’s technology shows great promise in rapidly and
accurately matching antibiotics to the target bacteria, and in
doing so, quickly equipping healthcare providers with the data
needed to treat their patients with the right antibiotic at the
right dose at the right time. We strongly believe in the potential
of this platform, and our ability to leverage our long-standing
diagnostics development, regulatory and commercial expertise to
help bring the NanoSynex diagnostics technology to market
sooner.”
“We are excited about beginning a new journey
with Qualigen and joining forces in a common mission to develop
innovative diagnostics. This partnership takes the NanoSynex AST
platform to the next level," added NanoSynex Co-Founder and Chief
Executive Officer, Diane Abensur Bessin.
NanoSynex is led by a dynamic team of healthcare
subject matter experts, microbiologists, and engineers, including
its co-founders – Diane Abensur Bessin and Michelle Heymann, who
were selected for Forbes’ 2020 Tech 30 Under 30 list. Qualigen’s
diagnostics team, led by Shishir Sinha, Senior VP and Chief
Operating Officer, will work closely alongside the Israeli-based
NanoSynex team on technology development, regulatory path, and
commercial preparedness. Qualigen also envisions potential
synergies with its proprietary FastPack® diagnostics platform to
further strengthen the Company’s diagnostics business which has
seen a post-COVID-19 resurgence.
Qualigen’s purchase of the controlling interest
in NanoSynex was primarily accomplished via a stock-for-stock
acquisition with a controlling shareholder of NanoSynex. Qualigen
also provided an investment in NanoSynex at closing and will
provide future milestone-based funding leading to the
commercialization of this technology. NanoSynex’s Board will
initially be comprised of two current NanoSynex directors –
NanoSynex co-founders - and two Qualigen appointees – Mr. Poirier
and Mr. Sinha.
Conference Call
Today:
Michael Poirier, Chairman and CEO, and other
members of the management team will be conducting a conference call
today, June 2, 2022 at 1:00PM ET/10:00 AM PT, during which they
will provide a business update and discuss the latest key
developments at Qualigen. A live Q&A session will follow. To
listen to the conference call, interested parties within the U.S.
should dial 1-866-777-2509 (domestic) or 1-412-317-5413
(international). All callers should dial in approximately 10
minutes prior to the scheduled start time and ask to be joined into
the Qualigen conference call.
The conference call will also be available
through a live webcast that can be accessed
at https://services.choruscall.com/mediaframe/webcast.html?webcastid=1UaUt5JH
or via the Company’s website at www.qualigeninc.com in the investor
relations section.
A telephonic replay will be available until June
9, 2022, and can be accessed by calling 1-877-344-7529 (domestic)
or 1-412-317-008 (international) and using access code 2162624.The
webcast will be available via the above links through September 2,
2022.
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 Company's prospects
and strategy for its diagnostics business and development of its
therapeutic drug candidates, estimates regarding the size and
potential growth of the global infectious disease diagnostics
market, and the Company’s ability to bring the NanoSynex
diagnostics technology to market. 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 leverage its
long-standing diagnostics development, regulatory and commercial
expertise to help bring the NanoSynex diagnostics technology to
market sooner, 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.
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