Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical company, today announced it has entered into a non-binding letter of intent with Isoprene Pharmaceuticals, Inc. to acquire the full licensing rights of VNLG-152 novel retinamides (Retinoic acid metabolism blocking agents, or RAMBAs) for the treatment of dermatological diseases. Isoprene is a cancer therapeutic company that is a University of Maryland, Baltimore New Venture Initiative start-up founded by Vincent Njar, the lead scientific inventor, which is developing novel small molecules for the treatment of cancer.
Hoth had previously announced that pre-clinical work is underway at Weill Cornell Medicine to examine the efficacy of RAMBAs in blocking acne pathogenic gene expression and carcinogenesis in mice, which is currently ongoing.
The LOI contemplates that the Company and Isoprene would enter into a definitive agreement pursuant to which Hoth will make a $50,000 investment in Isoprene in the form of a convertible promissory note, which shall bear annual interest at a rate of 6%, and shall have a discount upon conversion of 10% from the equity purchase price of the qualified financing into which the promissory note converts. Furthermore, as part of its licensing rights, Hoth will receive royalty payments from Isoprene for any use of its VNLG-152.
Mr. Robb Knie, Chief Executive Officer of Hoth, commented, "We are excited to expand our relationship with Isoprene and support the work of Dr. Njar and his team. Hoth looks forward to finalizing this agreement."
About Hoth Therapeutics, Inc.
Hoth Therapeutics, Inc. 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 recently entered into a Joint Development Agreement to further the development of vaccine prospects to prevent, intercept or treat 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).
To learn more, please visit www.hoththerapeutics.com.
