Hoth Therapeutics Inc HOTH shares were roaring higher Monday after the biopharma announced its foray into COVID-19 vaccine development, joining a host of companies engaged in research for a preventative treatment for the pandemic.
The New York-based company said it has clinched an agreement with Voltron Therapeutics to form a joint venture, HaloVax, that will begin preclinical studies to develop a vaccine to prevent COVID-19, the disease caused by the SARS-CoV-2.
The vaccine candidate will be based on VaxCelerate, a self-assembling vaccine platform exclusively licensed by Voltron from the Vaccine and Immunotherapy Center at Massachusetts General Hospital.
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The VaxCelerate vaccine platform was developed to rapidly generate and pre-clinically test a new vaccine against specific pathogen targets, according to Hoth.
VaxCelerate offers a fixed immune adjuvant and variable immune targeting while also vesting potential advantages over other compounds in combination therapy, the company said.
The vaccine focuses on both DNA and internal/external mutated proteins providing the immune system with more potential targets to attack.
"We believe that the VaxCelerate technology has the potential to provide a differentiated approach to finding a COVID-19 vaccine," Hoth CEO Robb Knie said in a statement.
The joint venture agreement provides Hoth with the rights to receive single-digit royalties from the sale of any products developed. The company will also be vested with the right to acquire up to a 30% equity interest in HaloVax.
Hoth shares were trading 71.11% higher at $4.62 at the time of publication Monday.
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