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Qualigen Therapeutics, Inc. (QLGN) fell in the after-hours trading session; here’s why

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QLGN stock had plunged -18.08% to trade at $2.13 in the after-market at the time of writing. QLGN stock closed the Friday trading session at $2.60 which was 0.76% lower. The volume of trade was 0.48 million shares which was lower than the average daily volume of 1.49 million for the past 50 days.

What is recent activity of QLGN stock

The biotech company has been operationally active in the month of March through engaging in conferences, making administrative changes and advances, as well as the acquisition of new biotech technologies.

On March 9th, the QLGN stock announced that it has a newly gained Chief Financial Officer for Qualigen’s corporate headquarters in Carlsbad, California. The company promoted ShishirSinha to CFO who has been valuable to the company for the past 15 years.

The company also took part in the presentation at the Oppenheimer 31st Annual Healthcare Conference from 16-18th March. The conference would provide investors a broad spectrum of all the public and private healthcare companies in the health industries of various specialties and niches.

On 1st March, QLGN announced that it was looking into an entered agreement known as Material Evaluation and Option Agreement with the University College of London. The agreement purpose is to seek options of advancing the commercial expansion of drug candidate ALAN AS1411-GNP. The agreement is known as Material Evaluation and Option Agreement.

Core operational focus of QLGN stock

Currently, Qualigen Therapeutics is focusing on maintaining and expanding its core FastPack® system that has been approved by the Food and Drug Administration. The system is also ISO-certified and sold across the globe through a commercial partnership with Sekisui Diagnostics, LLC. FastPack® system has helped physicians, medical clinics, and hospitals in providing efficiency in diagnostic procedures. The system comes in the form of diagnostic instruments and test kits. The FastPack System specifically focuses on rapid point-of-care diagnostic tests for cancer, as well as men’s health, hormone functions, and vitamin D status. Since the pandemic has struck, FastPack® also provides quick and efficient diagnostics of anti –bodies against SARS-CoV-2.

Background into the Company

Qualigen therapeutics is a biotechnology company based in Carlsbad, California. It aims to focus on the design and production of new therapies that are novel treatment, innovative in nature.  These treatments are specifically being clinically experimented and bio-engineered to focus on cancer and infectious diseases.

The Qualigen Therapeutic has cancer therapeutics as candidates that are still going through the development stage. The pipeline of QLGN stock includes three candidates which are ALAN (AS1411-GNP), RAS-F and STARSTM.

ALAN (AS1411-GNP) is a cancer drug candidate that has its DNA coated in gold nanoparticles. The uniqueness of this drug is that in can target numerous cancer types and does it with minimal side effects. The base of the drug is the nucleolin-targeting DNA aptamer. The foundational DNA aptamer is also an experimental candidate that is used for the treatment of viral-based infections as well as COVID-19.

STARS is also a DNA/RNA based treatment which a device that is also in the candidate stage. The purpose of this device is to remove the targeted tumor and viral compounds in the blood circulation.

RAS-F belongs to the family of RAS oncongene protein-protein interaction inhibitor small molecules. This family of RAS molecules is used for the prevention of mutated RAS genes’ proteins from binding in their effector proteins. Prevention of this binding allows for the stoppage of tumor growth process. This is effective especially in the lung cancer, pancreatic and colorectal cancers.

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