NEW YORK - Hoth Therapeutics , Inc. (NASDAQ:HOTH), a clinical-stage biopharmaceutical company, has announced a new partnership with Aronnax, Inc. to further the development of its HT-KIT cancer therapeutic. The agreement focuses on determining the maximum-tolerated dose (MTD) of HT-KIT following intravenous injection and establishing a dose range for future clinical trials.
Research on HT-KIT, conducted at NC State University, has shown promising results in targeting the proto-oncogene cKIT, which is involved in the growth of certain types of cancer cells, particularly mast cell-derived cancers. The studies demonstrated HT-KIT's ability to kill human mast cells that depend on KIT receptor signaling, with a single dose having an effect lasting approximately two weeks. The treatment also showed potential in reducing KIT expression in gastrointestinal stromal tumor (GIST) cells and acute myeloid leukemia (AML) cells.
HT-KIT has previously received Orphan Drug Designation from the FDA, highlighting its potential in treating rare diseases. The new agreement with Aronnax will engage ITR Laboratories to carry out the intravenous injection studies, with doses being adjusted for each subsequent group and a 48-hour interval between groups. This will provide essential data for the upcoming Investigational New Drug (IND)-enabling study.
Robb Knie, CEO of Hoth Therapeutics, expressed confidence in the progress of HT-KIT moving from laboratory research to patient treatment. The collaboration with Aronnax and ITR Laboratories is expected to refine the protocols for the next phases of clinical research.
Hoth Therapeutics continues to position itself as a leader in early-stage pharmaceutical research and development, focusing on creating therapies that significantly improve patient quality of life. The company's commitment to collaboration with scientists and clinicians aims to bring innovative treatments from initial research to the clinical testing stage.
This partnership marks a critical step in the advancement of HT-KIT towards clinical trials, with the goal of providing new treatment options for patients with mast cell-derived cancers and anaphylaxis. The information in this article is based on a press release statement from Hoth Therapeutics.
In other recent news, Hoth Therapeutics has made several significant strides. The company's shareholders recently approved key proposals, including the re-election of its board members and the ratification of Withum Smith+Brown, PC as the independent registered public accounting firm for fiscal year 2024. An amendment to the company's Amended and Restated 2022 Omnibus Equity Incentive Plan was also approved, increasing the number of shares reserved for issuance from 591,317 to 1,091,317.
Hoth Therapeutics has also been making progress in Alzheimer's treatment through a partnership with LTS Therapy Systems. The collaboration aims to develop an oral film treatment, HT-ALZ, which has shown potential cognitive benefits for Alzheimer's patients in preclinical results. Additionally, the company expanded its Phase 2a clinical trial for HT-001, a treatment for skin toxicities caused by cancer medications, to include three new sites.
The company has also amended its bylaws to clarify shareholder voting rights, a move aimed at ensuring clarity and transparency in company governance. EF Hutton has maintained its Buy rating on Hoth Therapeutics following the positive preclinical results of HT-ALZ. The company also modified terms for certain outstanding warrants, a development that could potentially raise approximately $4.2 million in gross proceeds, with H.C. Wainwright & Co. acting as the exclusive placement agent. These are the recent developments from Hoth Therapeutics.
InvestingPro Insights
In the context of Hoth Therapeutics' latest collaboration to advance its HT-KIT cancer therapeutic, investors and industry observers are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Hoth Therapeutics currently holds a market capitalization of $3.24 million. This valuation reflects the market's current assessment of the company's potential, amidst its ongoing research and development efforts.
One of the key InvestingPro Tips for Hoth Therapeutics is that the company holds more cash than debt on its balance sheet, which can be a positive sign of financial stability and may provide the company with a buffer to fund its research activities without the immediate need for external financing. On the flip side, analysts have flagged concerns regarding the company's weak gross profit margins and do not anticipate Hoth Therapeutics to be profitable this year. These factors are crucial for investors to consider, as they may impact the company's ability to sustain its operations and advance its clinical programs.
Furthermore, Hoth Therapeutics' stock has experienced significant volatility, as highlighted by a 31.26% drop in the 1-month price total return and a 57.27% decline over the last six months. The stock is also trading near its 52-week low, which might attract investors looking for a potential turnaround or value play.
For those interested in a deeper analysis, InvestingPro provides additional tips, including insights on the company's profitability, stock performance over various timeframes, and dividend policies. There are 12 more InvestingPro Tips available for Hoth Therapeutics, which can be accessed by visiting the dedicated InvestingPro page for the company at https://www.investing.com/pro/HOTH.
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