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NEW YORK - Hoth Therapeutics, Inc. (NASDAQ:HOTH) has secured annual NVIDIA AI Enterprise Essentials licenses to enhance its drug development processes, according to a press release issued Wednesday. The clinical-stage biopharmaceutical company, currently valued at $20.35 million, maintains a strong financial position with more cash than debt on its balance sheet, according to InvestingPro data.
The clinical-stage biopharmaceutical company will utilize NVIDIA’s GPU-powered infrastructure to implement advanced machine learning and neural network modeling capabilities for its pharmaceutical research programs.
The new entitlement and renewal agreement aims to support Hoth’s data-driven drug development, preclinical modeling, and predictive analytics efforts across its portfolio of therapies for dermatological and oncological disorders.
"Our continued investment in NVIDIA’s AI platform reflects our long-term commitment to integrating next-generation technology across our R&D programs," said Robb Knie, CEO of Hoth Therapeutics, in the statement.
The company plans to deploy the technology for several specific applications, including predictive pharmacology and toxicity models to improve compound screening efficiency, integration of multi-omic and patient-derived data for target discovery, and clinical trial simulation.
Hoth Therapeutics indicated the AI initiative aligns with its broader digital transformation strategy, which includes forming partnerships with AI-driven platforms and life-science data companies to potentially optimize development timelines and reduce costs.
The biopharmaceutical company is currently advancing several therapeutic candidates, including HT-001 and HT-KIT, though the press release did not provide specific details on the development status of these programs. Wall Street appears optimistic about the company’s prospects, with analysts setting a $5 price target. Get access to 8 additional InvestingPro Tips and comprehensive financial metrics to better evaluate HOTH’s investment potential.
In other recent news, Hoth Therapeutics, Inc. has filed multiple U.S. provisional patent applications for its lead therapeutic candidate, HT-001, focusing on treating dermatological side effects linked to cancer therapies. The company has also submitted a Clinical Trial Application to the European Medicines Agency to expand its Phase II trial of HT-001, aimed at addressing skin toxicities associated with Epidermal Growth Factor Receptor inhibitors. In a strategic move to enhance drug development, Hoth Therapeutics has adopted Lantern Pharma’s PredictBBB.ai platform, an AI tool designed to predict blood-brain barrier permeability, which is crucial for central nervous system treatments.
Additionally, Hoth Therapeutics reported positive preclinical results for its precision antisense candidate, HT-KIT, which showed significant anti-tumor efficacy in models, achieving over 80% knockdown of KIT expression. The company has also extended CEO Robb Knie’s contract, granting him an annual base salary of $550,000 with eligibility for a bonus and equity incentives, as well as directors’ and officers’ liability insurance. These developments underscore Hoth Therapeutics’ ongoing efforts in expanding its drug pipeline and strengthening its leadership team.
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