Quoin Pharmaceuticals (QNRX) Stock Is Skyrocketing Friday: What's Going On?
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Quoin Pharmaceuticals (NASDAQ:QNRX) shares surged 149.14% to $20.40 following the announcement of a private placement financing of up to $104.5 million. The deal includes an initial funding of $16.8 million and will involve issuing American Depositary Shares and pre-funded warrants. Proceeds will support general corporate purposes, including R&D for the QRX003 drug. The financing is expected to close around October 14, and the offering was priced at a premium to the previous closing price of $8.16.
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