Qualigen Therapeutics Inc (QLGN)

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Qualigen Therapeutics CEO Issues Letter to Stockholders

July 13 2020 - 08:00AM
PR Newswire (US) Print
CARLSBAD, Calif., July 13, 2020

/PRNewswire/ -- Qualigen Therapeutics, Inc. (NASDAQ: QLGN) ("Qualigen" or the "Company"), announced that today Chief Executive Officer Michael Poirier has issued a letter to Qualigen's stockholders. The full text of that letter is as follows:

To My Fellow Stockholders,

Many of you likely saw last week's exciting announcement that Qualigen Therapeutics raised $8 million in new capital.

In connection with this important development, I would like to provide some context as to how we expect to use those funds, and why we believe our plans will help build significant shareholder value.

We expect to advance the following key projects with existing cash resources and these new funds:

We plan to advance clinical trials with our pipeline of drug candidates for the treatment of certain cancers and infectious diseases. One of these drug candidates, AS1411, has been shown to be effective in halting the replication of viruses in proof-of-concept in vitro studies performed at the University of Louisville's prestigious Center for Infectious Disease, and could be used to treat patients who have COVID-19, the disease caused by the novel coronavirus SARS-CoV-2, as well as other similar viral-based diseases. We are aiming to commence a Phase 1 clinical trial of another of our drug candidates, ALAN, against acute myeloid leukemia in 2021.

We plan to continue to expand our pipeline of therapeutics, specifically in oncology through additional licenses and strategic relationships. We believe that having a robust and synergistic portfolio of potentially life-saving drugs is critical to building long-term shareholder value.
Finally, we plan to enhance the production automation our flagship FastPack® rapid diagnostic disposables and begin production of our new FastPack PRO analyzer, which is an upgraded version of our current FastPack IP analyzer. The test menu for FastPack PRO will include cFN, a new stroke assessment test being developed as a companion diagnostic for Prediction Sciences LLC, and our new SARS-CoV-2 IgG immunoassay test for COVID-19 antibodies. We have already submitted notification to the U.S. Food and Drug Administration that we intend to commence commercial distribution of the SARS-CoV-2 IgG immunoassay test later this month.

Overall, we believe these new funds will provide Qualigen with significant operational runway through calendar year 2021, allow us to build our team and product lines, and create new opportunities for the future benefit of Qualigen and our stockholders.

I extend thanks to you, our stockholders, and to everyone involved in this successful funding.

Sincerely,

Michael Poirier

President, Chief Executive Officer and Chairman

please visit https://www.qualigeninc.com/.