Hoth Therapeutics Enters into Letter of Intent with Isoprene Pharmaceuticals, Inc. to License VNLG-152 for Treatment of Dermatological Diseases
Hoth Therapeutics Enters into Letter of Intent with Isoprene Pharmaceuticals, Inc. to License VNLG-152 for Treatment of Dermatological Diseases Hoth to receive equity stake in Isoprene, full license of VNLG 152 for field of Dermatology and royalties from Isoprene for all other fields including Oncology |
[30-March-2020] |
NEW YORK, March 30, 2020 /PRNewswire/ -- Hoth Therapeutics, Inc. (NASDAQ: HOTH), a biopharmaceutical company, today announced it has entered into a non-binding letter of intent ("LOI") with Isoprene Pharmaceuticals, Inc. to acquire the full licensing rights of VNLG-152 novel retinamides (Retinoic acid metabolism blocking agents, or RAMBAs) for the treatment of dermatological diseases. Isoprene is a cancer therapeutic company that is a University of Maryland, Baltimore New Venture Initiative start-up founded by Vincent Njar, the lead scientific inventor, which is developing novel small molecules for the treatment of cancer. Hoth had previously announced that pre-clinical work is underway at Weill Cornell Medicine to examine the efficacy of RAMBAs in blocking acne pathogenic gene expression and carcinogenesis in mice, which is currently ongoing. The LOI contemplates that the Company and Isoprene would enter into a definitive agreement pursuant to which Hoth will make a $50,000 investment in Isoprene in the form of a convertible promissory note, which shall bear annual interest at a rate of 6%, and shall have a discount upon conversion of 10% from the equity purchase price of the qualified financing into which the promissory note converts. Furthermore, as part of its licensing rights, Hoth will receive royalty payments from Isoprene for any use of its VNLG-152. Mr. Robb Knie, Chief Executive Officer of Hoth, commented, "We are excited to expand our relationship with Isoprene and support the work of Dr. Njar and his team. Hoth looks forward to finalizing this agreement." About Hoth Therapeutics, Inc. Forward Looking Statements Contacts KCSA Strategic Communications View original content to download multimedia:http://www.prnewswire.com/news-releases/hoth-therapeutics-enters-into-letter-of-intent-with-isoprene-pharmaceuticals-inc-to-license-vnlg-152-for-treatment-of-dermatological-diseases-301031507.html SOURCE Hoth Therapeutics, Inc. | ||
Company Codes: NASDAQ-NMS:HOTH |
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