Hoth Therapeutics, Inc. (NASDAQ:HOTH) subsided Tuesday morning on revealing a proposed common stock offering. The company’s shares jumped around 39% on Monday after the company reported a deal to jointly develop self-assembling vaccine for potential coronavirus treatment.
Hoth, based in New York, told investors Tuesday it intends to offer shares of its common stock in a "best efforts" underwritten public offering. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Monday’s agreement was with Voltron Therapeutics, Inc. to form a joint venture entity, to be named HaloVax, to commence preclinical studies for the development of vaccine prospects to prevent the Coronavirus (COVID-19) based upon VaxCelerate, a self-assembling vaccine (SAV) platform exclusively licensed by Voltron from the Vaccine and Immunotherapy Center (VIC) at Massachusetts General Hospital (MGH).
Hoth and Voltron, with the support of MGH, will work jointly on exploring and developing this SAV technology as a means to aid patients at risk of being infected with COVID-19. The VaxCelerate vaccine platform was developed as a means of rapidly generating and pre-clinically testing a new vaccine against specific pathogen targets.
Hoth is a clinical-stage biopharmaceutical company focused on developing new generation therapies for dermatological disorders.
HOTH's pipeline has the potential to improve the quality of life for patients suffering from indications including atopic dermatitis, chronic wounds, psoriasis, asthma and acne.
HOTH shares waned 62 cents, or 16.6%, to $3.12.
