UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2021 (No. 1)
Commission File Number 001-37846
QUOIN PHARMACEUTICALS LTD.
(Translation of registrant’s name into English)
23 Hata’as Street
Kfar Saba, Israel 44425
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒
Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): ________
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):___________
EXPLANATORY NOTE
Unaudited Interim Financial Statements as of,
and for the period ended, June 30, 2021 and Related Management’s Discussion and Analysis of Financial Condition and Results of Operations
On November 23, 2021, Quoin Pharmaceuticals, Inc.
(“Quoin”), a wholly-owned subsidiary of Quoin Pharmaceuticals Ltd. (the “Company”), issued unaudited interim financial
statements as of, and for the period ended, June 30, 2021, together with the related Quoin’s Management Discussion and Analysis
of Financial Condition and Results of Operations (“MD&A”), attached hereto as Exhibits 99.1 and 99.2, respectively,
and incorporated by reference herein.
Appointment of Chief Financial Officer
Effective as of November 1, 2021, the Board of
Directors (the “Board”) of the Company appointed Gordon Dunn as the Chief Financial Officer.
Mr. Dunn, 57, has over 30 years of finance experience.
He served as Chief Financial Officer of Qured, a UK-based healthcare provider, from March 2020 to October 2021, and as Chief Financial
Officer of U-Research, an online company information platform, from July 2017 to March 2020. Mr. Dunn also served as Chief Financial Officer
of Anton Corporation, a film and media finance company, from September 2016 to July 2017, and as Chief Financial Officer of Innocoll AG
from 2012-2016. Prior these roles, he had deep experience in investment banking and private equity, serving as Portfolio Manager of NewSmith
Asset Management, a private equity fund from 2004 to 2014, and as Director of Investment Banking and Co-Head of Private Equity at Merrill
Lynch, in addition to other roles, from 1994 to 2003.
Agreement with Chief Financial Officer
Pursuant to the Employment Agreement, dated November
1, 2021, between Mr. Dunn and Quoin, Mr. Dunn is entitled to an annual base salary of $360,000. In addition, Mr. Dunn is entitled to receive
(i) a signing bonus equal to one-twelfth of his annual base salary, and (ii) subject to employment by Quoin on the applicable date of
bonus payout, an annual target discretionary bonus of not less than 30% of his annual base salary, payable at the discretion of the Board,
which will be prorated for 2021. Upon the Company’s adoption of a stock option plan, the Company will grant an option to Mr. Dunn
to purchase ordinary shares of the Company, with $1.25 million grant date value, subject to the terms of such plan. Mr. Dunn is also eligible
to receive healthcare benefits as may be provided from time to time by Quoin to its employees generally and paid time off annually in
accordance with Quoin’s policies in effect from time to time.
The foregoing description of the Employment Agreement
with Mr. Dunn does not purport to be complete and is qualified in its entirety by reference to the complete text of such Employment Agreement,
attached hereto as Exhibit 10.1 and incorporated by reference herein.
Executive Compensation
Effective as of November 9, 2021, the Board approved
amendments to employment agreements with Michael Myers, the Company’s Chief Executive Officer, and Denise Carter, the Company’s
Chief Operating Officer, to provide for their annual base salaries of $555,000 and $440,000, respectively. The Board also approved target
discretionary bonuses of not less than 45% of Mr. Myers’, Ms. Carter’s and Mr. Dunn’s respective annual base salaries.
In addition, the Board granted a transaction bonus of 36% of each of Mr. Myers’ and Ms. Carter’s annual base salaries related
to the completion of the merger and private placement transactions discussed in the attached financial statements and related MD&A.
Research Agreement
Effective as of November 1, 2021, Quoin entered
into a Research Agreement (the “Research Agreement”) with Queensland University of Technology, Australia, to collaborate on
the project related to the treatment of Netherton Syndrome.
The foregoing description of the Research Agreement
does not purport to be complete and is qualified in its entirety by reference to the complete text of such Research Agreement, attached
hereto as Exhibit 10.2 and incorporated by reference herein.
License and Supply Agreements
Quoin entered into (i) a License and Distribution
Agreement, dated as of November 5, 2021 (the “AFT License Agreement”), and (ii) a Supply Agreement, dated as of September
15, 2021 (the “AFT Supply Agreement”), with AFT Pharmaceuticals Ltd., a New Zealand company (“AFT”). Under the
terms of the AFT License Agreement, AFT has exclusive rights to commercialize pharmaceutical product QRX003 (the “Product”)
in Australia and New Zealand, upon the receipt of regulatory approvals in both territories. Upon approval and launch of the Product, Quoin
will be entitled to a 20% royalty on net sales of the Product in Australia and New Zealand. Under the AFT Supply Agreement, Quoin is obligated
to manufacture and supply the Product to AFT.
The foregoing description of the AFT Research
Agreement and the AFT Supply Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text
of such agreements, attached hereto as Exhibits 10.3 and 10.4, respectively, and incorporated by reference herein.
Quoin entered into (i) a License and Distribution
Agreement (the “Genpharm License Agreement”) and (ii) a Supply Agreement (the “Genpharm Supply Agreement”), each
dated as of November 7, 2021, with Genpharm Services FZ LLC, a United Arab Emirates company (“Genpharm”). Under the terms
of the Genpharm License Agreement, Genpharm has exclusive royalty-free rights to commercialize the Product in the Middle East and North
Africa region, upon the receipt of regulatory approvals in both territories. Under the Genpharm Supply Agreement, Quoin is obligated to
manufacture and supply the Product to Genpharm.
The foregoing description of the Genpharm Research
Agreement and the Genpharm Supply Agreement does not purport to be complete and is qualified in its entirety by reference to the complete
text of such agreements, attached hereto as Exhibits 10.5 and 10.6, respectively, and incorporated by reference herein.
The information in this Form 6-K, including
the exhibit hereto, shall be incorporated by reference into the Company’s registration statements on Form S-8 (Registration Nos.
333-214817, 333-220015, 333-225003 and 333-232230), on Form F-3 (Registration No. 333-219614) and on Form F-1 (Registration No. 333-229083).
Exhibits
SIGNATURE
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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Date: November 23, 2021
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QUOIN PHARMACEUTICALS LTD.
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By:
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/s/ Gordon Dunn
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Name:
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Gordon Dunn
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Title:
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Chief Financial Officer
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