Quoin Pharmaceuticals announces private placement financing up to $104.5M

Quoin Pharmaceuticals (QNRX) entered into a securities purchase agreement with new healthcare focused institutional investors with the potential to raise up to $104.5M in gross proceeds, including initial upfront funding of $16.5M and up to an additional $88M upon the potential cash exercise of accompanying warrants at the election of the investors. The private placement was priced at a premium to the Company’s prior day’s closing stock price. The financing includes participation from new healthcare-focused investors, including AIGH Capital Management, Soleus Capital, Nantahala Capital, Diadema Partners, Stonepine Capital Management, ADAR1 Capital Management, and Velan Capital, among others. Maxim Group is acting as sole placement agent for the private placement. Pursuant to terms of the securities purchase agreement, Quoin will issue an aggregate of 1,993,940 American Depository Shares and accompanying warrants to purchase up to an aggregate of 7,975,760 ADSs, at a combined purchase price of $8.25 per ADS and accompanying warrants, in accordance with the “Minimum Price” requirement as defined in the Nasdaq rules.