Hoth Therapeutics and Algorithm Sciences have mutually agreed to terminate their previously announced merger. After further discussions, both companies concluded that a definitive merger agreement could not be reached, and it is in their best interests to operate separately. Hoth is in a strong position with over $12 million in funds for ongoing development, including a Phase 2a study for their groundbreaking treatment, HT-001, targeting EGFRi treatment side effects. Further updates will be provided to shareholders.
Hoth Therapeutics, Inc. (NASDAQ: HOTH), a patient focused biopharmaceutical company, today announced that they have entered into a mutual agreement with Algorithm Sciences, Inc. (“Algorithm”) to terminate their previously announced decision to merge, originally announced on April 26, 2023.
After further discussions and review, both Hoth and Algorithm have determined that a definitive merger agreement cannot be reached and it is in the best interest of both companies to terminate the letter of intent and continue to operate as separate companies.
“Hoth is continuing development from a position of strength and stability with over $12M on the balance sheet to carry us through more than twelve months of continued development,” stated Robb Knie, CEO of Hoth. “Our Phase 2a study for patients suffering from the side effects of EGFRi treatment is underway and we believe HT-001 to be a groundbreaking treatment. I look forward to updating our shareholders as further developments of our therapeutics become available.”
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Source: BioSpace