Quercis Pharma Secures USD 150 Million Investment Commitment

Quercis Pharma is advancing a development pipeline of late-stage clinical studies that focus on the prevention of Venous thromboembolism in cancer patients. In addition, Quercis targets other diseases associated with thrombotic events, such as sickle cell disease (SCD), Ebola and COVID-19. "We believe that the agreement with GEM is among the largest single share subscription facilities for a Swiss based biotechnology company and will help secure critical funding as we embark on our strategy to go public, providing assurance of a strong capital position upon listing on a public exchange," stated Dr. Ilias Laeber, Chairman of the Board of Quercis. "We are now well positioned as we enter our next stage of development and look forward to progressing our pipeline programs."

The share subscription facility will allow Quercis, subject to terms of the agreement, to draw down funds by issuing shares of common stock to GEM. Quercis will control the timing and magnitude of such drawdowns and has no minimum drawdown obligation. Concurrent with a public listing of Quercis shares, Quercis will issue warrants to GEM to purchase up to 3% of the common stock of the company. The exercise of these warrants will act as another funding exercise for Quercis.

Phase 3 trial for lead candidate

Quercis is currently advancing its lead clinical candidate, Isoquercetin, designed to prevent thromboembolic events in metastatic pancreatic cancer patients, under a Special Protocol Agreement with the U.S. Food and Drug Administration, announced in May 2021. Under the agreed upon SPA, the Phase 3 study will be a randomized placebo-controlled trial in which patients will receive either 1000 mg or 2000 mg of oral isoquercetin (formulated with vitamin C and vitamin B3) or matching placebo capsules daily for 16 weeks.

Stefan Wohlfeil, Chief Medical Officer of Quercis said, "We are hopeful that this drug could be the future of thrombosis prevention in high-risk cancer patients as well as patients at high risk of thrombosis in general. This is a huge step forward as the product is orally administered, safe and has reduced bleeding risk. Preventing thrombosis without increasing the risk of bleeding represents the holy-grail of anticoagulants."

(Press release / SK)