Benzinga | Nov 8, 2021 08:08AM EST

Quoin Pharmaceuticals Signs Exclusive Licensing And Distribution Agreement With AFT Pharmaceuticals For Its Lead Asset, QRX003

Quoin Pharmaceuticals Ltd. (NASDAQ:QNRX) (the "Company" or "Quoin"), a specialty pharmaceutical company focused on rare and orphan diseases, today announced that it has entered into an exclusive License and Distribution Agreement with AFT Pharmaceuticals Ltd. ("AFT") for QRX003, the Company's investigational treatment for Netherton Syndrome, a rare and devastating genetic disease.

Under the terms of the agreement, AFT has exclusive rights to commercialize QRX003 in Australia and New Zealand, upon the receipt of regulatory approvals in both territories. Upon approval and launch of the product, Quoin will be entitled to a 20% royalty on net sales of the product in Australia and New Zealand. The companies have also entered into an exclusive Supply Agreement, under which Quoin is obligated to manufacture and supply the product to AFT.

Dr. Michael Myers, Chief Executive Officer of Quoin, commented, "The licensing agreement with AFT is the first licensing agreement for QRX003, which we are developing as a potential treatment for Netherton Syndrome. We believe AFT is a good partner for Quoin in Australia and New Zealand given their strong commercial presence and growing portfolio of orphan and rare disease products. Our team looks forward to working with them."

"AFT is excited to work with Quoin Pharma to make this important treatment available to patients in Australia and New Zealand. AFT has a significant focus on the dermatology area, which will fit well with our sales teams promoting QRX003 to our customers," added Hartley Atkinson, Managing Director of AFT Pharmaceuticals Ltd.