Univest Securities Closes $3.46M Offering for Qualigen

Univest Securities Completes Direct Offering for Qualigen

Univest Securities, LLC, a prominent investment bank and broker-dealer located in New York, has successfully closed a registered direct offering valued at $3.46 million for its client, Qualigen Therapeutics, Inc. (NASDAQ: QLGN). Qualigen, an innovator in clinical-stage therapeutics, is dedicated to providing solutions for both adult and pediatric cancer patients.

Details of the Offering

In this pivotal transaction, Qualigen Therapeutics has agreed to issue 14,724,058 shares of common stock, each priced at $0.130. Additionally, the offering includes pre-funded warrants exercisable for 11,972,754 shares. The structure of these pre-funded warrants allows institutional investors immediate exercisability at any time until fully exercised. Each pre-funded warrant's purchase price is set slightly below the share price, at a mere $0.001 less, which promotes accessibility for investors.

Financial Impact and Role of Univest Securities

The total gross proceeds from this direct offering amounted to approximately $3.46 million, underscoring a robust interest from institutional investors in Qualigen's innovative approach to cancer treatment. As the sole placement agent, Univest Securities has facilitated this transaction, marking another successful engagement in the growing biotechnology sector.

Understanding Qualigen Therapeutics, Inc.

Qualigen Therapeutics is at the forefront of cancer research, focusing on developing novel treatments that specifically seek to engage and inhibit mechanisms within cancer cells. Their investigational QN-302 compound stands out as a small molecule selective transcription inhibitor, designed to bind to G-quadruplex structures found within cancer cells. This innovative binding mechanism is intended to hinder cancer cell proliferation, paving the way for potentially effective cancer therapies.

Innovative Cancer Treatment Strategies

Additionally, Qualigen has made strides with their Pan-RAS oncogene targeting compounds. These aim to disrupt the functionality of mutated RAS proteins that contribute to many cancer forms, potentially affecting a significant percentage of cancer cases, including challenging pancreatic, colorectal, and lung cancers. This proactive approach epitomizes the healthcare sector's commitment to fighting cancer at its core.

Univest's Commitment to Excellence

Univest Securities, established in 1994, provides high-quality financial services across various domains, including investment banking, wealth management, and brokerage services. Their focus on forming long-lasting client relationships positions them as a trusted partner in the investment landscape. Their role in facilitating transactions like the one with Qualigen demonstrates their ability to navigate complex market conditions successfully.

Frequently Asked Questions

What was the total amount raised in the offering?

The registered direct offering raised a total of approximately $3.46 million for Qualigen Therapeutics.

Who acted as the placement agent for this offering?

Univest Securities, LLC served as the sole placement agent for this transaction.

What is Qualigen Therapeutics focused on developing?

Qualigen Therapeutics is focused on developing innovative treatments for adult and pediatric cancer.

When did the offering become effective?

The offering became effective on September 4, 2024, following an amendment to the shelf registration statement.

How can I contact Univest Securities for more information?

For further inquiries, you can contact Univest Securities at +1 (212) 343-8888 or via email at info@univest.us.

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