Proposed SKVI, Quoin Pharmaceuticals Merger to Address Opioid Pain Management Market
- A merger between Skinvisible and Quoin Pharmaceuticals will enable a successful entry on the post-surgical pain management market
- Aging populations and a large number of surgical interventions in the West have contributed to significant market expansion
- By 2024, the pain management therapeutics market is expected to reach $83 billion
Skinvisible Pharmaceuticals (OTCQB: SKVI
) recently announced that it has signed a Letter of Intent for a proposed merger with Quoin Pharmaceuticals Limited – a partnership that could address significant unmet medical needs on the pain management market. If both parties agree on the terms, the merger should be completed next year, with the resulting entity operating under the name Quoin Pharmaceuticals Inc. and continuing to trade on the OTCQB Venture Market.
Quoin’s strength is within the area of pharmaceutical development for products that address some of the most serious present-day health problems. Skinvisible is the developer of innovative delivery system technologies that can enhance product performance.
One of Quoin’s first lead products is QRX001 – a transdermal NMDA receptor antagonist for the effective treatment of pain following surgery. QRX001 delivers up to 72 hours of effective pain relief following surgical interventions. Almost 30 clinical studies have been performed to date on the NMDA receptor antagonist, clearly showing that sub-anesthetic doses reduced 24-hour PCA morphine consumption, reduced post-operative nausea and vomiting, reduced pain intensity and resulted in adverse events that were mild or absent, all while generating better results than any other existing single product or combination. The aim of the product is to also reduce the use of opioids for pain management following operations.
The opioid market in the US is estimated at $6 billion annually. With the opioid epidemic now deemed a National Health Emergency, there is a significant push to find new products that reduce or eliminate their use, particularly in a post-surgical setting, which is where 50 percent of people who become addicted first become exposed to these drugs.
Upon the product’s launch, QRX001 will provide surgeons with a new and effective alternative to opioids. Opioid abuse has reached an epidemic level in the U.S., with opioid overdoses causing more than 90 deaths per day (http://nnw.fm/V60zK
). The number has grown exponentially in the past decade, according to the Centers for Disease Control and Prevention, with opioid use remaining widespread despite the risks.
Today, approximately 12 million Americans report that they use pain killers in a non-medicinal way. Almost half of these victims were first introduced to opioids after undergoing surgery. According to the National Center for Health Statistics, 100 million surgeries take place in the U.S. every year (http://nnw.fm/8fdOl
). At least 50 million of these surgical interventions necessitate the use of post-operative pain management pharmaceuticals.
Currently, the pain management market in the U.S. is fueled by a number of sectors. The most prominent ones include post-operative pain relief, arthritis pain, cancer pain, migraine and neuropathic pain. As larger Western populations age and become susceptible to an array of medical conditions, the need for new pain management developments will grow even larger. The partnership between Skinvisible and Quoin perfectly positions the two companies to address these growing unmet needs on the pain management market.
A proposed second product that could hit the market sooner as a result of the proposed merger is QRX002 – a transdermal NMDA receptor antagonist for the treatment of suicidal tendencies in military veterans suffering from PTSD. The product will be intended for use once per day. The fight against PTSD is of profound importance, as estimates suggest that anywhere between 25 and 30 veterans commit suicide in the U.S. every day.
A Skinvisible announcement states that new technologies and product synergies between the two companies could potentially provide significant value to shareholders following the proposed merger. Together, Skinvisible and Quoin could maximize their product development opportunities, as noted by Skinvisible President Terry Howlett in a recent news release (http://nnw.fm/f2coB
For more information, visit the company’s website www.Skinvisible.com