QUALIGEN THERAPEUTICS, INC. ANNOUNCES $8.82 MILLION COMMON STOCK REGISTERED DIRECT OFFERING
November 29 2021 - 3:50PM
Qualigen Therapeutics, Inc. (NASDAQ: QLGN), a biotechnology company
focused on developing novel therapeutic products for the treatment
of cancer, as well as maintaining and expanding its flagship
FastPack® diagnostic platform, today announced that it has entered
into definitive agreements with institutional investors for the
purchase and sale of 5,880,000 shares of the Company’s common stock
at a purchase price of $1.50 per share pursuant to a registered
direct offering. The closing of the offering is expected to occur
on or about December 1, 2021, subject to the satisfaction of
customary closing conditions.
A.G.P./Alliance Global Partners is acting as
sole placement agent for the offering.
The offering is conditioned upon the Company
receiving a waiver from a prior investor of certain rights,
inclusive of a 30-day lock-up of common stock by such investor at
prices below $3.00 per share and an agreement with such investor to
reprice previously issued warrants to purchase up to approximately
5.4 million shares of common stock at a revised exercise price of
$2.00 per share and a six-month extension of the warrants’
respective termination dates.
This offering is being made 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 (the “SEC”). A prospectus supplement describing the
terms of the proposed offering will be filed with the SEC and will
be available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the prospectus supplement may be obtained,
when available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, NY 10022, or by telephone at (212)
624-2060, or by email at prospectus@allianceg.com.
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 is a biotechnology company focused on
developing novel therapeutic products for the treatment of cancer,
as well as maintaining and expanding its flagship FastPack®
diagnostic platform. The FastPack® line of FDA-cleared and
CE-Marked products has been used successfully in diagnostics for 20
years. Our therapeutics pipeline includes cancer drug compounds
such as QN-247 and RAS-F. By combining our demonstrated ability to
develop and commercialize innovative medical products with the
advanced capabilities of leading cancer research centers, such as
the University of Louisville, we are committed to providing
exciting new therapeutic technologies to physicians and
patients.
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.
These statements include those related to the Company's prospects
and strategy for the development of therapeutic drug candidates and
the consummation of the offering. Actual events or results may
differ from the Company's expectations. For example, there can be
no assurance that the Company will successfully consummate the
offering, develop any drugs (including QN-247 and RAS-F); that
preclinical development of the Company's drugs (including QN-247
and RAS-F) 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 (including 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; 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-247 and RAS-F); or that the
Company will be able to maintain or expand market demand and/or
market share for the Company's diagnostic products. 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
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.
Investor Relations:For further
information: David KugelmanAtlanta Capital Partners, LLC(404)
856-9157 or (866) 692-6847 Toll Free - U.S. &
Canadadk@atlcp.com
Tony SchorInvestor Awareness, Inc.(847)
971-0922tony@investorawareness.com
Qualigen Therapeutics (NASDAQ:QLGN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Qualigen Therapeutics (NASDAQ:QLGN)
Historical Stock Chart
From Sep 2023 to Sep 2024