Quoin Pharmaceuticals Stock Surges 192% On $104 Mln Private Placement Deal

(RTTNews) - Quoin Pharmaceuticals Ltd. (QNRX) soared 192.32 percent, gaining $15.69 to $23.85 on Friday, after the company announced a securities purchase agreement with new healthcare focused institutional investors that could raise up to $104.5 million in gross proceeds. The deal includes an initial upfront funding of $16.5 million and up to an additional $88.0 million from potential warrant exercises. The stock is currently trading at $20.16, up sharply from the previous close of $8.16 on the Nasdaq. Shares opened at $12.21 and have traded between $11.71 and $41.80 today, with volume surging to 7.43 million shares, well above the average of 45,664. Over the past 52 weeks, Quoin Pharmaceuticals shares have ranged between $5.01 and $54.95.