Biopharmaceutical firm Hoth Therapeutics (NASDAQ: HOTH) shares are rallying on new years eve after the company said it has signed a production agreement for GLP and GMP materials associated with HT-001 with Tergus Pharma for its novel cancer treatment drug, HT-001.
Hoth Therapeutics shares rose to highs of $3.09 on the news. Since the opening bell, its shares have given up some of those gains and are currently trading at $2.55, +55.49%.
Today’s announcement follows recent news that the company has requested a pre-investigational new drug meeting with the FDA to discuss a proposed drug development program for the treatment.
HT-001 is designed to treat patients with a mild to moderate rash and skin disorders associated with initial and repeat courses of tyrosine kinase inhibitor/epidermal growth factor receptor (EGFR) inhibitor therapy.
EFGR inhibitors are used to treat cancers with HT-001 targeted to treat these EGFR-induced skin disorders and allow patients to achieve the best potential outcomes of EGFR therapy.
“Hoth management is pleased with the advancement of our HT-001 treatment throughout the developmental process,” commented Robb Knie, Hoth’s CEO.