Quoin’s innovative pipeline comprises four products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa and others

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) (the “Company” or “Quoin”), a clinical stage, specialty pharmaceutical company focused on rare and orphan diseases, today announced the pricing of its “reasonable best efforts” public offering of 24,750,000,000 ordinary shares represented by 4,950,000 American Depositary Shares at a purchase price of $1.00 per ADS and pre-funded warrants to purchase 10,250,000,000 ordinary shares represented by 2,050,000 American Depositary Shares at a per pre-funded warrant price of $0.9999 (with each ADS and pre-funded warrant accompanied by an ordinary warrant) for an aggregate gross proceeds of approximately $7.0 million before deducting placement agent fees and other offering expenses.

The closing of the offering is expected to occur on or about February 24, 2023, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offering for general corporate purposes. In connection with the offering, the Company intends to enter into an agreement with existing investors of the Company who participated in this offering to reduce the exercise price of outstanding warrants to purchase up to 2,840,000 ADS, in the aggregate, which were issued in the Company’s August 2022 public offering (the “Prior Warrants”) from $5.00 per ADS to $1.10 per ADS, effective upon the closing of this offering. Additionally, the term of the Prior Warrants will be amended such that the new termination date will be February 24, 2028.
A.G.P./Alliance Global Partners is acting as the lead placement agent for the offering.
Maxim Group LLC and Aegis Capital Corp. are acting as co-placement agents for the offering.
A registration statement on Form S-1, as amended (No. 333-269543) (“Form S-1”), relating to the offering was filed with the Securities and Exchange Commission (“SEC”), and it was declared effective on February 10, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the offering 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 these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Quoin Pharmaceuticals Ltd.
Quoin Pharmaceuticals Ltd. is a clinical stage specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases. We are committed to addressing unmet medical needs for patients, their families, communities and care teams. Quoin’s innovative pipeline comprises four products in development that collectively have the potential to target a broad number of rare and orphan indications, including Netherton Syndrome, Peeling Skin Syndrome, Palmoplantar Keratoderma, Scleroderma, Epidermolysis Bullosa and others.
For more information, visit: www.quoinpharma.com or LinkedIn for updates.
Source: Quoin Pharmaceuticals Ltd.
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