Why Are Quoin Pharma Shares Trading Lower On Wednesday?

Quoin Pharmaceuticals Ltd QNRX has entered into an exclusive distribution agreement with Orpharm LLC for QRX003, for Netherton Syndrome, a rare genetic disease.
Under the agreement terms, Orpharm gains exclusive rights to commercialize QRX003 in Russia and CIS. Specific financial deal terms were not disclosed.
Quoin is obligated to supply the product to Orpharm upon receiving regulatory approval.
Netherton Syndrome, a form of Ichthyosis, is a rare, hereditary skin disorder caused by a mutation in the SPINK5 gene (serine protease inhibitor, Kazal Type 5) that leads to severe skin barrier defects and recurring infections.
Related Link: Quoin Outlicenses Lead Asset For Skin Disorder In Middle East, North Africa.
Price Action: QNRX shares are down 8.18% at $2.92 during the market session on the last check Wednesday.