10:12 AM EDT, 10/10/2025 (MT Newswires) -- Quoin Pharmaceuticals ( QNRX ) shares jumped nearly 170% in recent Friday trading after the company said it has reached an agreement with healthcare-focused institutional investors to sell securities worth up to $104.5 million in a private placement.

The drugmaker said it will sell about 2 million American depositary shares or pre-funded warrants and issue accompanying warrants to buy up to 8 million ADSs. The securities will be priced at $8.25 per ADS and accompanying warrants.

Quoin said it will receive $16.5 million upfront and can receive up to an additional $88 million if investors exercise the accompanying warrants. The offering is slated to be completed on Tuesday.

The financing includes participation from AIGH Capital Management, Soleus Capital, Nantahala Capital, and Diadema Partners, among others, the company said.

Quoin said it intends to use the upfront net proceeds from the private placement for general corporate purposes. It added that if the warrants are exercised in totality, the net proceeds will likely fund the company's operations into 2027.

Price: 22.00, Change: +13.84, Percent Change: +169.61