Qualigen Therapeutics(US:QLGN) 21世纪经济报道·2025-09-22 11:25Core Viewpoint - Qualigen Therapeutics has entered into a PIPE agreement with Faraday Future, involving a financing of approximately $41 million, aimed at transitioning the company towards cryptocurrency and Web3-related businesses [4][6]. Financing Details - The financing round is led by Faraday Future and its CEO Jia Yueting, with a total investment of about $41 million, including $30 million from Faraday Future at a price of $2.246 per share, giving it a 55% ownership stake in Qualigen [4][6]. - Jia Yueting plans to invest an additional $4 million personally, acquiring about 7% of Qualigen's common stock [4][6]. Strategic Shift - Following the investment, Qualigen is expected to rebrand as CXC10 and focus on cryptocurrency and Web3, moving away from its current biopharmaceutical operations, which are struggling [6][10]. - The company aims to create a new business model centered around a crypto ecosystem, decentralized AI trading, and value stabilization [6][10]. Company Background - Qualigen has faced significant challenges, including a risk of delisting from NASDAQ due to its stock price falling below $1 for 30 consecutive days [8][9]. - Recent leadership changes occurred as the previous CEO and CFO resigned due to strategic disagreements, leading to the appointment of new executives with experience in turning around small-cap companies [9][10]. Current Operations - Qualigen's core product pipeline focuses on rare cancer treatments, with ongoing projects like QN-302 in Phase 1 trials and Pan-RAS in lead optimization [10]. - Despite the strategic investment, the company has not shown substantial operational improvements, and its future remains uncertain in the highly competitive biopharmaceutical industry [10].