LAS VEGAS, NV, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Skinvisible, Inc. ("Skinvisible") (OTCQB: SKVID), is pleased to provide an update on the results of the Special Meeting of Stockholders regarding a potential merger of Skinvisible, Inc. with and into Quoin Pharmaceuticals Limited (“Quoin”) subject to tax, accounting, legal, regulatory, and other considerations (the “Merger”) and the Reverse Split, effective January 2, 2019.
On November 26, 2018, Skinvisible held a Special Meeting of Stockholders at which time the holders of Company common stock as of the record date of October 19, 2018, voted on four proposals. Each proposal was described in detail in the Company’s definitive proxy statement, and includes: (1) Adoption of the Merger between Quoin and Skinvisible; (2) Effect a Reverse Split of the Company’s common stock; (3) Approve a name change to Quoin Pharmaceuticals, Inc.; (4) Approve to adjourn the Special Meeting to a later date if necessary.
There were 144,830,920 shares of Company common stock issued and outstanding and entitled to vote at the Special Meeting and the holders of a total of 99,993,419 shares of Company common stock, approximately 69%, were present in person or represented by proxy at the Special Meeting. The final vote tally shows that all four proposals were approved by the holders of a majority of the outstanding shares of Company common stock.
Reverse Split:
Prior to approval of the reverse split the Company had a total of 144,830,920 issued and outstanding shares of common stock. On the effective date of the reverse split of fifty-for-one, the Company will have a total of 2,896,619 issued and outstanding shares of common stock. Furthermore, Skinvisible has a new CUSIP number: 830703 203, effective January 2, 2019. Skinvisible common stock will be quoted under the symbol “SKVID” for a period of 20 trading days after which it will trade under the symbol “SKVI” until the completion of the Merger. The Merger proposal specifies that privately-held Quoin Pharmaceuticals Inc. will merge into a wholly-owned subsidiary of Skinvisible and is conditional on Quoin completing a capital raise of a minimum of $10 million.
About Skinvisible Pharmaceuticals, Inc.
Skinvisible Pharmaceuticals is a research and development company that licenses its proprietary formulations made with Invisicare®, its patented polymer delivery system that offers life-cycle management and unique enhancements for topically delivered products. Invisicare holds active ingredients on the skin for extended periods of time, allowing for the controlled release of actives. www.skinvisible.com
About Quoin Pharmaceuticals, Inc.
Quoin Pharmaceuticals is a specialty pharmaceutical company dedicated to developing products that help address major societal issues including the opioid crisis and the military veteran suicide rate. Quoin’s two lead products are expected to be different applications of an NMDA receptor antagonist delivered transdermally. QRX001 is a single use transdermal patch designed to provide up to 72 hours of effective post-operative analgesia whilst significantly reducing opioid consumption. QRX002 is a once-daily transdermal for the treatment of military related PTSD with suicidal ideation. Quoin believes QRX002 could be the first product approved to treat this major unmet medical need and could be a candidate for both Orphan Drug and Breakthrough Therapy Status. Quoin expects to commence development activities with respect to each of these products and to generate Phase 2 data in 2019. www.quoinpharma.com
Forward-Looking Statements: This press release contains 'forward looking' statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby including with respect to the possible development of any such products, the acceptance of any such products in the market place, the size of any such markets, the ability of any product candidates to be approved by the U.S. Food and Drug Administration among others. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in Skinvisible, Inc. reports on file with the U.S. Securities and Exchange Commission (including, but not limited to, a report on Form 10Q for the period ending September 30, 2018). The Merger Agreement has been signed however the closing conditions need to be satisfied for the proposed Merger to close.