Hoth to Concentrate on its Current Pipeline
and Continue Phase 2 Clinical Study
Hoth Has Over Twelve Months Cash on Balance
Sheet
NEW
YORK, May 12, 2023 /PRNewswire/ -- 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."
About Hoth Therapeutics, Inc.
Hoth Therapeutics, Inc. is a clinical-stage biopharmaceutical
company dedicated to developing innovative, impactful, and
ground-breaking treatments with a goal to improve patient quality
of life. We are a catalyst in early-stage pharmaceutical research
and development, elevating drugs from the bench to pre-clinical and
clinical testing. Utilizing a patient-centric approach, we
collaborate and partner with a team of scientists, clinicians, and
key opinion leaders to seek out and investigate therapeutics that
hold immense potential to create breakthroughs and diversify
treatment options. To learn more, please visit
https://ir.hoththerapeutics.com/.
Forward-Looking Statement
This press release includes forward-looking statements based
upon Hoth's current expectations which may constitute
forward-looking statements for the purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995 and other federal securities laws, and are subject to
substantial risks, uncertainties and assumptions. These statements
concern Hoth's business strategies; the timing of regulatory
submissions; the ability to obtain and maintain regulatory approval
of existing product candidates and any other product candidates
Hoth may develop, and the labeling under any approval Hoth may
obtain; the timing and costs of clinical trials, the timing and
costs of other expenses; market acceptance of Hoth's products; the
ultimate impact of the current Coronavirus pandemic, or any other
health epidemic, on Hoth's business, its clinical trials, its
research programs, healthcare systems or the global economy as a
whole; Hoth's intellectual property; Hoth's reliance on third party
organizations; Hoth's competitive position; Hoth's industry
environment; Hoth's anticipated financial and operating results,
including anticipated sources of revenues; Hoth's assumptions
regarding the size of the available market, benefits of Hoth's
products, product pricing, timing of product launches; management's
expectation with respect to future acquisitions; statements
regarding Hoth's goals, intentions, plans and expectations,
including the introduction of new products and markets; and Hoth's
cash needs and financing plans. More particularly and without
limitation, this news release contains forward-looking statements
and information concerning the proposed transaction.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Readers are
cautioned not to place undue reliance on forward-looking
statements, as there can be no assurance that the transaction will
be consummated or that the parties other plans, intentions or
expectations upon which they are based will occur. There are a
number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which include words such as "could," "believe,"
"anticipate," "intend," "estimate," "expect," "may," "continue,"
"predict," "potential," "project" or similar terms, variations of
such terms or the negative of those terms. Although Hoth believes
that the expectations reflected in the forward-looking statements
are reasonable, Hoth cannot guarantee such outcomes. Hoth may not
realize its expectations, and its beliefs may not prove correct.
Actual results may differ materially from those indicated by these
forward-looking statements as a result of various important
factors, including, without limitation, market conditions and the
factors described in the section entitled "Risk Factors" in Hoth's
most recent Annual Report on Form 10-K and Hoth's other filings
made with the U.S. Securities and Exchange Commission. All such
statements speak only as of the date of this press release.
Consequently, forward-looking statements should be regarded solely
as Hoth's current plans, estimates, and beliefs. Hoth cannot
guarantee future results, events, levels of activity, performance
or achievements. Hoth does not undertake and specifically declines
any obligation to update or revise any forward-looking statements
to reflect new information, future events or circumstances or to
reflect the occurrences of unanticipated events, except as may be
required by applicable law.
Investor Contact:
LR Advisors LLC
Email: investorrelations@hoththerapeutics.com
www.hoththerapeutics.com
Phone: (678) 570-6791
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SOURCE Hoth Therapeutics, Inc.