Qualigen Therapeutics (NASDAQ: QLGN) Raises $3.47 Million Through Public Offering, Plans Accelerated Debt Repayment and Expansion

2 min read | September 08, 2024 11:11 PM PDT | By Team Kalkine Media

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Qualigen Therapeutics (NASDAQ: QLGN) Raises $3.47 Million Through Public Offering, Plans Accelerated Debt Repayment and Expansion — Image source: shutterstock

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Qualigen Therapeutics, Inc. (NASDAQ:QLGN) has successfully closed its public offering of 14,724,058 shares of common stock, priced at $0.13 per share. The offering also included pre-funded warrants to purchase up to 11,972,754 additional shares at a price of $0.129 per share, with an exercise price of $0.001 per share. These pre-funded warrants are immediately exercisable and will remain so until fully exercised.

Univest Securities, LLC served as the exclusive placement agent for this transaction. The total gross proceeds from the offering amounted to approximately $3.47 million, before accounting for placement agent fees and other offering-related expenses.

Qualigen Therapeutics plans to allocate the net proceeds from this offering to several key areas. Primarily, the funds will be used for operations and general corporate purposes. Specific uses include the accelerated repayment of a $2,000,000 Senior Note issued in July 2024. Additionally, the proceeds will support the advancement of the company's clinical trials and preclinical studies. Other planned uses of the funds involve general working capital, potential expansion of the company's collaboration with Marizyme, Inc. under the Co-Development Agreement, and possible future acquisitions.

The securities were offered under a registration statement on Form S-1 (File No. 333-272623) that was originally filed with the Securities and Exchange Commission (SEC) on June 13, 2023, and was amended before becoming effective on September 4, 2024. The offering was conducted exclusively by means of a prospectus included in the effective registration statement.

This successful offering marks a significant step for Qualigen Therapeutics as it continues to advance its clinical and operational goals. The funds will enable the company to further its research and development efforts, strengthen its financial position, and potentially enhance its strategic partnerships and growth opportunities.

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