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NEW YORK - Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical company with a market capitalization of $7.53 million and showing strong momentum with a 25% gain last week, announced today its plans to submit an application for Expanded Access for its therapeutic candidate HT-001. The drug is intended to treat skin conditions caused by cancer treatments that inhibit the epidermal growth factor receptor (EGFR). According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt.
HT-001 is currently under clinical investigation, showing positive progress. The Expanded Access Program (EAP), also known as "compassionate use," aims to make investigational drugs available to patients facing serious or life-threatening conditions who have no comparable alternatives. Hoth Therapeutics is looking to provide HT-001 to patients who qualify, while also continuing to collect data on the drug’s safety and effectiveness. The company’s strong financial position is reflected in its current ratio of 10.16, indicating robust ability to meet short-term obligations.
"Submitting an Expanded Access application is an important step in our commitment to ensuring patients who may benefit from HT-001 have the opportunity to receive this promising treatment," stated Robb Knie, CEO of Hoth Therapeutics. The company underlines its dedication to addressing unmet medical needs and enhancing the quality of life for those undergoing cancer therapy.
Hoth Therapeutics’ move to apply for the EAP reflects a broader effort to expedite access to potentially beneficial treatments for patients with limited options. The company continues its research and development activities, focusing on creating impactful treatments that improve patient outcomes.
The information is based on a press release statement from Hoth Therapeutics, Inc.
In other recent news, Hoth Therapeutics has reported promising clinical findings for its HT-001 cream, which has shown efficacy in treating skin toxicities associated with cancer treatments. The company is currently conducting a Phase 2A clinical trial to evaluate the cream’s safety and efficacy further. Additionally, Hoth Therapeutics has expanded its intellectual property portfolio by acquiring new patent applications related to the HT-001 cancer therapeutic, aiming to enhance the drug’s applications across various disease areas. In financial developments, the company has increased its at-the-market offering by $5 million, providing additional funds to advance its product pipeline and strategic initiatives. Despite this, Hoth has clarified that it has no current plans for new public or private offerings, emphasizing its strong cash position with over $10 million in reserves and no debt. The company is also actively exploring the potential of Glial Cell Line-Derived Neurotrophic Factor (GDNF) as a treatment for obesity, with preclinical studies showing promising results. These recent developments highlight Hoth Therapeutics’ ongoing efforts to address unmet medical needs and advance its therapeutic pipeline.
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