Quoin Pharmaceuticals, Ltd. (QNRX) stock soared 20.94% in the current-market trading session at the price of $2.10 despite no fundamental reason. Quoin Pharmaceuticals is a leading specialty pharmaceutical corporation. The company develops and commercializes therapeutic products for the treatment of rare conditions. It is committed to fulfilling the unmet medical needs of patients, communities, and health officials.
QNRX Signed Distribution Agreement with Orpharm
On 15th December 2021, QNRX reported entering into a Distribution Agreement with Orpharm LLC to develop QRX003. It is an investigational therapy to treat Netherton Syndrome, a rare and fatal genetic disease with no currently available cure. As per the deal, Orpharm LLC has acquired exclusive rights to commercialize the product in Russia. QNRX has agreed to supply the QRX003 to Orpharm following the regulatory approval.
Chief Executive Officer of QNRX, Dr. Michael Myers, remarked that this exclusive agreement with Orpharm is their third cooperation deal for QRX003 within two months. The agreement highlights their dedication to delivering the products to maximum people upon regulatory approval. They are happy to make Orpharm their partner for Russia and CIS. They look ahead to working and collaborating with them to make this novel treatment available for underserved patients, he added.
Chief Executive Officer of Orpharm, Pavel Shestiperov, commented that they are excited to have this partnership agreement with Quoin. QRX003 is the first and much-needed treatment for patients with Netherton syndrome in their region. They are determined to support QNRX and leverage their partnerships with dermatologists and rare disease patients.
Distribution Agreement with Genpharm Services
Earlier on 11th November 2021, QNRX published signing a License and Distribution Agreement with Genpharm Services for QRX003. Genpharm Services is a specialty pharmaceutical firm that treats rare diseases. Under the contract, Genpharm Services has exclusive rights to commercialize QRX003 in North Africa and the Middle East upon regulatory approvals. Upon launch of the product, QNRX will finalize the revenue sharing arrangements on net sales of the QRX003.