QLGN - Qualigen Therapeutics announces commercialization agreement for FastPack in China

Qualigen Therapeutics ([[QLGN]] +3.6%) has entered an agreement with Yi Xin Zhen Duan Jishu (Suzhou) Ltd, of Suzhou, China to develop, manufacture and sell new generations of diagnostic test systems based on Qualigen's core FastPack "laboratory in a pouch" technology.Qualigen granted Yi Xin exclusive rights for China, both for Yi Xin's new generations of FastPack-based products and for Yi Xin-manufactured versions of Qualigen's existing FastPack 1.0, IP and PRO product lines.Qualigen to receive net cash payments this quarter and next quarter totaling in the mid- to high-hundreds of thousands of dollars, plus low- to mid-single-digit royalties on net sales."Through this agreement, we will receive cash from a geography we would not otherwise have entered and from products we would not have brought through development. Importantly, this non-dilutive funding will contribute to our strategic shift toward the development of therapeutics products," commented Michael Poirier, CEO Qualigen.

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Qualigen Therapeutics announces commercialization agreement for FastPack in China