Hoth Therapeutics ticks higher after termination of merger with Algorithm Sciences
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- Hoth Therapeutics (NASDAQ:HOTH) and Algorithm Sciences are terminating their letter of intent to merge.
- In April Hoth said it was merging with Algorithm, which has a pipeline focused on Pulmonary Arterial Hypertension (PAH). Hoth shareholders would have owned ~14% of the combined company, while Algorithm shareholders would have taken the remaining ~86%.
- Hoth said on Friday that after a review it was decided that was in the best interest of both companies to terminate the letter of intent and continue operating 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," said Hoth CEO Robb Knie. "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.
- HOTH +4.37% to $1.67 premarket May 12