Hoth Therapeutics Inc HOTH shares were roaring higher Monday after the biopharma announced its foray into COVID-19 vaccine development, joining a host of companies engaged in research for a preventative treatment for the pandemic.
The New York-based company said it has clinched an agreement with Voltron Therapeutics to form a joint venture, HaloVax, that will begin preclinical studies to develop a vaccine to prevent COVID-19, the disease caused by the SARS-CoV-2.
The vaccine candidate will be based on VaxCelerate, a self-assembling vaccine platform exclusively licensed by Voltron from the Vaccine and Immunotherapy Center at Massachusetts General Hospital.
Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.
The VaxCelerate vaccine platform was developed to rapidly generate and pre-clinically test a new vaccine against specific pathogen targets, according to Hoth.
VaxCelerate offers a fixed immune adjuvant and variable immune targeting while also vesting potential advantages over other compounds in combination therapy, the company said.
The vaccine focuses on both DNA and internal/external mutated proteins providing the immune system with more potential targets to attack.
"We believe that the VaxCelerate technology has the potential to provide a differentiated approach to finding a COVID-19 vaccine," Hoth CEO Robb Knie said in a statement.
The joint venture agreement provides Hoth with the rights to receive single-digit royalties from the sale of any products developed. The company will also be vested with the right to acquire up to a 30% equity interest in HaloVax.
Hoth shares were trading 71.11% higher at $4.62 at the time of publication Monday.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
