Shares of biopharmaceutical company Hoth Therapeutics (NASDAQ:HOTH) are up in triple digits today after the U.S. Food and Drug Administration (FDA) accepted its new drug application (IND) for HT-001.
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The product candidate is being developed for the treatment of rash and skin disorders arising from epidermal growth factor receptor (EGFR) inhibitor therapy. These therapeutic agents are critical in a range of cancers including pancreatic, colorectal, breast as well as non-small cell lung cancer.
Importantly, there is no approved treatment for skin toxicities related to EGFRi therapies on the market at present. Hoth now plans to initiate a Phase 2a trial of HT-001 in the first quarter of 2023.
Despite today’s price gains, Hoth shares are still down nearly 73.8% over the past year. This is even after the share price gaining about 240% over the last five trading sessions.
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