Qualigen Therapeutics Acquires Majority Stake in Infectious Disease Diagnostics Technology Company NanoSynex
The transaction is expected to significantly advance the commercial readiness of NanoSynex’s innovative diagnostics technology platform focused on the $30+ billion global infectious disease testing market
The company will host a conference call today, June 2, 2022 at 1:00 p.m. ET to discuss the latest company developments
CARLSBAD, Calif., June 02, 2022 (GLOBE NEWSWIRE) — Qualigen Therapeutics, Inc. (Nasdaq: QLGN), a diversified life sciences company focused on developing treatments for adult and pediatric cancers with potential for designation of orphan drug, while commercializing diagnostics, today announces that it has completed the acquisition of a majority stake in NanoSynex Ltd., an Israeli developer of next-generation diagnostic technology.
NanoSynex’s award-winning technology is an Antimicrobial Susceptibility Testing (AST) platform that aims to provide clinical laboratories worldwide with a rapid, accurate, and personalized test for bacterial infections, especially hard-to-treat drug-resistant strains, with the goal of quickly finding the right antibiotics at the right strength to treat a patient’s specific infection. The misuse and overuse of antibiotics has led to a significant increase in more common and deadly antibiotic-resistant bacteria, such as methicillin-resistant Staphylococcus aureus (MRSA). Multidrug-resistant pathogens such as these have been declared a significant threat to the public health and national security of the United States by the Institute of Medicine and a federal interagency task force on antimicrobial resistance. According to some estimates, the global infectious disease diagnostics market is expected to reach approximately $39.8 billion by 2026, from approximately $28.1 billion in 2021.
Michael Poirier, Chairman and CEO of Qualigen, said, “Living for two and a half years with COVID-19 has taught us the critical role diagnostics play in the fight against infectious disease and the need to prepare for the next wave. NanoSynex’s technology holds great promise for quickly and accurately matching antibiotics to target bacteria and, in doing so, quickly providing healthcare providers with the data needed to treat their patients with the right antibiotic at the right dose at the right time. . We strongly believe in the potential of this platform and our ability to leverage our long-standing expertise in diagnostics development, regulation and commercialization to help bring NanoSynex diagnostic technology to market faster.
“We are delighted to start a new adventure with Qualigen and to join forces in a common mission to develop innovative diagnostics. This partnership takes the NanoSynex AST platform to the next level,” added NanoSynex co-founder and CEO Diane Abensur Bessin.
NanoSynex is led by a dynamic team of health experts, microbiologists and engineers, including its co-founders – Diane Abensur Bessin and Michelle Heymann, who were selected for the Forbes 2020 Tech 30 Under 30 list. Qualigen’s diagnostics, led by Shishir Sinha, Senior Vice President and Chief Operating Officer, will work closely with the Israel-based NanoSynex team on technology development, regulatory pathway and commercial readiness. Qualigen is also considering potential synergies with its proprietary FastPack® diagnostics platform to further strengthen the company’s diagnostics business which has seen a post-COVID-19 resurgence.
Qualigen’s purchase of the majority stake in NanoSynex was primarily accomplished through a stock acquisition with a majority shareholder of NanoSynex. Qualigen also provided an investment in NanoSynex at closing and will provide future funding based on milestones leading to the commercialization of this technology. NanoSynex’s Board of Directors will initially consist of two current NanoSynex directors – the co-founders of NanoSynex – and two Qualigen appointees – Mr. Poirier and Mr. Sinha.
Conference Call today:
Michael Poirier, Chairman and Chief Executive Officer, and other members of the management team will host a conference call today, June 2, 2022 at 1:00 p.m. ET/10:00 a.m. PT during which they will provide a business update and discuss the latest key developments at Qualigen. A live Q&A session will follow. To listen to the conference call, interested parties in the United States should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial approximately 10 minutes before the scheduled start time and request to join the Qualigen conference call.
The conference call will also be available via a live webcast accessible at https://services.choruscall.com/mediaframe/webcast.html?webcastid=1UaUt5JH or via the Company’s website at www.qualigeninc.com in the investor relations section.
A telephone replay will be available until June 9, 2022 and can be accessed by calling 1-877-344-7529 (domestic) or 1-412-317-008 (international) and using passcode 2162624. webcast will be available via the links above until September 2, 2022.
About Qualigen Therapeutic, Inc.
Qualigen Therapeutics, Inc. is a diversified life sciences company focused on developing treatments for adult and pediatric cancer, as well as maintaining and expanding its FDA-approved FastPack core.® System successfully used in diagnostics for over 20 years. Our investigational compound QN-302 is a small molecule selective transcriptional inhibitor with high binding affinity to G4s prevalent in cancer cells; such binding could, by stabilizing G4s against “unwinding”, help inhibit cancer cell proliferation. Our investigational compound QN-247 inhibits nucleolin, a key multifunctional regulatory protein that is overexpressed in cancer cells; QN-247 could thus be able to inhibit cell proliferation. QN-247 has shown promise in preclinical studies for the treatment of acute myeloid leukemia (AML). Qualigen’s investigational RAS-F family of small molecule inhibitors of RAS oncogene protein-protein interaction compounds are thought to inhibit or block the binding of proteins from mutated RAS genes to their effector proteins, leaving the mutated RAS proteins incapable of causing further harm. In theory, such a mechanism of action may be effective in treating around a quarter of all cancers, including some forms of pancreatic, colorectal and lung cancers. In addition to its oncology drug pipeline, Qualigen has a well-established diagnostics business that manufactures and distributes proprietary, highly accurate rapid blood test systems to medical practices and small hospitals for the management of prostate cancer and other diseases and health problems.
For more information about Qualigen Therapeutics, Inc., please visit www.qualigeninc.com.
NanoSynex is a MedTech company that aims to provide new solutions to improve test quality, patient outcomes and reduce healthcare costs by accelerating diagnostic processes. NanoSynex is focused on the development and commercialization of a rapid and innovative antimicrobial susceptibility test (AST). The technology is based on a purely phenotypic approach and uses a microfluidic disposable test card platform and method that optimizes bacterial growth. This disruptive development was born out of exciting research findings in the lab of Professor Shulamit Levenberg, former Dean of the Technion Institute of Technology – Faculty of Biomedical Engineering.
For more information on NanoSynex, please visit www.nanosynex.com.
This press release contains forward-looking statements by Qualigen that involve risks and uncertainties and reflect the judgment of the Company as of the date of this release. These statements include those related to the Company’s outlook and strategy for its diagnostics business and the development of its therapeutic drug candidates, estimates regarding the size and potential growth of the global infectious disease diagnostics market, and the ability of the Company to commercialize the NanoSynex diagnostic technology. . Actual events or results may differ from the Company’s expectations. For example, there can be no assurance that the Company will be able to leverage its longstanding expertise in diagnostics development, regulation and commercialization to help bring NanoSynex diagnostic technology to market sooner, or that the Company will be able to maintain its diagnostics sales and marketing engine uninterrupted after the expiration of the distribution agreement with Sekisui Diagnostics, compete with other players in this industry or increase market demand and/or market share of its diagnostic product, nor can there be any assurance that the Company will be able to successfully develop drugs (including QN-302, QN-247 and RAS-F); that the preclinical development of the Company’s drugs (including QN-302, QN-247 and RAS-F, and the deprioritized infectious disease drug candidate QN-165) will be completed on schedule or will be successful; that any clinical trial will be approved to commence or will proceed as anticipated by any anticipated schedule, or at all; that all data from future clinical trials will be favorable or that such trials will confirm any improvement over other products or have no negative impacts; that any drug will receive required regulatory approvals (or Fast Track designation or orphan drug status) or will be commercially successful; that patents will issue on patent applications owned and licensed by the Company; that these patents, if any, and the patents currently owned and licensed by the Company would prevent competition; or that the Company will be able to procure or earn sufficient working capital to complete the development, testing and launch of the Company’s potential therapeutic products (including QN-302, QN-247 and RAS-F, and QN-165). The Company’s stock price could be adversely affected if any of the events or trends contemplated by the forward-looking statements do not occur or are delayed or if any actual future event otherwise differs from expectations. Additional information regarding these and other risk factors affecting the Company’s business may be found in the Company’s previous filings with the Securities and Exchange Commission, including its most recent Form 10-K, which are all available on www.sec.gov.
The Company disclaims any intention or obligation to update these forward-looking statements beyond the date of this press release, except as required by law. This warning is made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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Source: Qualigen Therapeutics, Inc.