Why Quoin Pharmaceuticals Stock Is Trading Higher

Quoin Pharmaceuticals QNRX shares are trading higher Monday after the company announced it received U.S. Food and Drug Administration clearance to initiate clinical testing for its Investigational New Drug application for QRX003.

QRX003 is Quoin's investigational product for Netherton Syndrome, a rare and devastating genetic disease for which there is currently no approved treatment or cure. 

QRX003 is a topical lotion intended to perform the function of a specific protein called LEKTI. Daily application of QRX003 is designed to lead to a more normalized skin shedding process and the formation of a stronger and more effective skin barrier.

Quoin plans to initiate clinical testing in patients with Netherton Syndrome in the first half of 2022. 

Quoin is a specialty pharmaceutical company focused on developing and commercializing therapeutic products that treat rare and orphan diseases.

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QNRX 52-Week Range: $1.12 - $1.50

According to data from Benzinga Pro, the stock was up 14.6% at $1.20 at time of publication.

Photo: Belova59 from Pixabay.