Hoth Therapeutics, Inc. (NASDAQ: HOTH) is engaged as a clinical-stage biopharmaceutical company, which is focused on the research, development, and clinical testing of new generation therapies to treat unmet medical needs. Shares of the biopharma company are skyrocketing 129% through early trading on Monday, April 11, 2022. Over the past three months, Hoth Therapeutics has seen average daily volume of 764,570 shares. However, volume of 106.21 million shares or dollar volume of around $145.51 million, has already exchanged hands through early trading.
Shares of Hoth Therapeutics are surging after the company provided a development update for its mRNA frame-shifting therapeutic, HT-KIT. In a sponsored scientific research agreement with North Carolina State University, the joint team used HT-KIT on mast cell leukemia cells in vitro. The results showed the KIT protein expression, signaling and function were reduced.
This showed that treatment with HT-KIT not only stopped cancer cell growth, but it also induced cell death over 72 hours. The clinical research was conducted through a humanized mast cell leukemia mouse model and an allograft mastocytosis model.
In conjunction with the clinical results, Hoth Therapeutics’ treatment was successfully granted orphan drug status with the U.S. Food and Drug Administration. API manufacturing feasibility has also been completed.
Robb Knie, Chief Executive Officer of Hoth Therapeutics: “With our HT-KIT drug, we are flipping off a key cancer signal that’s involved in multiple aggressive cancers, such as systemic mastocytosis, mast cell leukemia, gastrointestinal stromal tumors and acute myeloid leukemia. Our approach avoids pitfalls related to KIT mutations by targeting mRNA. Our next round of preclinical studies are underway and we are excited to utilize the results for our planned Pre-IND meeting with FDA later this year.”
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