CARLSBAD, Calif., Dec. 18, 2020 /PRNewswire/ -- Qualigen
Therapeutics, Inc. (Nasdaq: QLGN) today announced the
closing of its previously announced registered direct offering with
a single institutional investor for the purchase and sale for
$12,000,000 of (i) 2,370,786 shares
of common stock, (ii) 1,000,000 pre-funded common stock Warrants
(i.e., warrants to purchase shares of Qualigen common stock, for
which the exercise price is almost entirely prepaid), (iii)
1,348,314 two-year common stock Warrants with an exercise price of
$4.07 per share, and (iv) 842,696
common stock Warrants (first exercisable 6 months after issuance,
and with an expiration date 30 months after issuance) with an
exercise price of $4.07 per
share.
A.G.P./Alliance Global Partners acted as sole placement agent
for the offering.
The securities were sold pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-232798) previously
filed with the U.S. Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Qualigen Therapeutics, Inc.
Qualigen Therapeutics, Inc. is a biotechnology company focused
on developing novel therapeutics for the treatment of cancer and
infectious diseases, as well as maintaining and expanding its core
FDA-approved FastPack® System, which has been used successfully in
diagnostics for 20 years. The Company's cancer therapeutics
pipeline includes ALAN (AS1411-GNP), RAS-F and STARS™. ALAN
(AS1411-GNP) is a DNA coated gold nanoparticle cancer drug
candidate that has the potential to target various types of cancer
with minimal side effects. The foundational nucleolin-targeting DNA
aptamer of ALAN, AS1411, is also a drug candidate for use in
treating COVID-19 and other viral-based infectious
diseases. RAS-F is a family of RAS oncogene protein-protein
interaction inhibitor small molecules for preventing mutated RAS
genes' proteins from binding to their effector proteins; preventing
this binding could stop tumor growth, especially in pancreatic,
colorectal and lung cancers. STARS is a DNA/RNA-based treatment
device candidate for removal from circulating blood of precisely
targeted tumor-produced and viral compounds. Because Qualigen's
therapeutic candidates are still in the development stage,
Qualigen's only products that are currently commercially available
are FastPack System diagnostic instruments and test kits, used in
physician offices, clinics and small hospitals around the world.
The FastPack System menu includes rapid point-of-care diagnostic
tests for cancer, men's health, hormone function, vitamin D status
and antibodies against SARS-CoV-2. Qualigen's facility in
Carlsbad, California is FDA and
ISO Certified and its FastPack product line is sold worldwide by
its commercial partner Sekisui Diagnostics, LLC. For more
information on Qualigen Therapeutics, Inc., please visit
https://www.qualigeninc.com/.
Qualigen Forward-Looking Statements
This news release contains forward-looking statements by the
Company that involve risks and uncertainties and reflect the
Company's judgment as of the date of this release. Actual events or
results may differ from the Company's expectations. For example,
there can be no assurance that clinical trials will be approved to
begin by or will proceed as contemplated by any projected timeline;
that the Company will successfully develop any drugs or therapeutic
devices; that preclinical or clinical development of the Company's
drugs or therapeutic devices will be successful; that 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 or therapeutic devices will receive
required regulatory approvals 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 current owned and in-licensed patents would prevent
competition; 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; that the
Company will be able to maintain or expand market demand and/or
market share for the Company's FastPack diagnostic products
generally, particularly in view of COVID-19-related deferral
of patients' physician-office visits and FastPack reimbursement
pricing challenges; that adoption and placement of FastPack PRO
System instruments (which are the only FastPack instruments on
which the Company's SARS-CoV-2 IgG test kits can be run) will
be widespread; that the Company will be able to manufacture the
FastPack PRO System instruments and SARS-CoV-2 IgG test kits
successfully; that any commercialization of the FastPack PRO System
instruments and SARS-CoV-2 IgG test kits will be profitable;
or that the FDA will ultimately approve an Emergency Use
Authorization for the Company's SARS-CoV-2 IgG test. 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 (including
events beyond the Company's control, such as epidemics and
resulting changes) can be found in the Company's prior filings with
the Securities and Exchange Commission, 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.
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SOURCE Qualigen, Inc.