Qualigen slumps as co halts studies of its COVID-19 therapy

Aixcrypto Holdings

17/08/2021 14:36

** Shares of biotech co Qualigen Therapeutics Inc  QLGN.O 
down 26.3% to $1.23 premarket
    ** Co says it will not undertake further studies of its
antiviral drug candidate, QN-165, for treatment of COVID-19 in
hospitalized patients following feedback received from U.S. FDA
    ** FDA requested additional pre-clinical toxicity and safety
pharmacology studies before proceeding with clinical trials in
COVID-19 patients
    ** "Given the time these suggested studies would require,
coupled with the already crowded COVID-19 vaccine and
therapeutic landscape, best strategy at this time is to pivot to
focusing primarily on our oncology pipeline," Qualigen says
    ** Co had submitted application to U.S. FDA in July seeking
clearance for early- to mid-stage studies to test QN-165 for
treatment of COVID-19 in hospitalized patients  urn:newsml:reuters.com:*:nL4N2OQ2YS
    ** Qualigen down 44.5% this year, as of last close

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))