Qualigen Therapeutics raises $4.5 million in private placement

Qualigen Therapeutics Inc. (NASDAQ: QLGN) completed a $4.5 million private placement of Series A-3 convertible preferred stock on July 28, 2025, according to a company statement.

The biotechnology company sold 4,500 shares of Series A-3 preferred stock at $1,000 per share to institutional and accredited investors. The preferred shares are initially convertible into 1,607,143 shares of common stock at a conversion price of $2.80 per share, subject to adjustment.

Univest LLC served as the exclusive placement agent for the offering. The company plans to use net proceeds for working capital purposes.

The securities were issued under Section 4(a)(2) and Rule 506(b) of Regulation D under the Securities Act of 1933 and have not been registered with the Securities and Exchange Commission. The company agreed to file a registration statement covering the resale of underlying common shares within 45 days of closing.

Qualigen Therapeutics focuses on developing treatments for adult and pediatric cancers. The company's pipeline includes QN-302, a G-quadruplex inhibitor targeting tumor types including pancreatic cancer, and QN-247, a compound for hematologic malignancies. The company also develops small-molecule RAS oncogene protein-protein interaction inhibitors.

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