Benzinga | Nov 2, 2021 10:58AM EDT

Quoin Pharmaceuticals Announces Signing Of Exclusive License From Queensland University Of Technology, Australia

Quoin Pharmaceuticals Ltd. (NASDAQ:QNRX) (the "Company" or "Quoin"), a specialty pharmaceutical company focused on rare and orphan diseases, today announced that it has signed an agreement with Queensland University of Technology, Australia (QUT). The agreement is for an exclusive option to a bi-functional protein that has shown promising in-vitro data as a potential treatment for Netherton Syndrome.

Under the terms of the deal, Quoin will fund a pre-clinical program at QUT. Upon completion of the program, Quoin has the option to sign an exclusive global license to the protein and all of its associated intellectual property. The terms of the deal do not require Quoin to pay any upfront license or milestone fees. Upon approval of the completed product, Quoin will pay QUT a mid-single digital royalty on sales.

Dr. Michael Myers, Chief Executive Officer of Quoin, commented, "We are excited to have entered into this partnership with QUT. Quoin believes that the in-licensing of this protein is complementary to our lead asset, QRX003 for Netherton Syndrome, and further strengthens our leadership position in the development of potential treatments for this devastating disease. Following our recent merger with Cellect Biotechnology Ltd., we have a strong balance sheet to support the execution of our strategic plans."