Hoth Therapeutics and Algorithm Sciences execute Letter of Intent to merge

Hoth Therapeutics has signed a Letter of Intent to merge with Algorithm Sciences, a company focused on Pulmonary Arterial Hypertension. The combined company will be named Algorithm Sciences and be led by Mike Tilton as CEO, David Cavalier as CFO and Anthony Zook, Algorithm’s current chairman of the board, who will be nominated as chairman of the combined company’s board of directors. Algorithm will become the majority holders of Hoth‘s outstanding stock by way of a merger. Current Hoth shareholders are currently anticipated to own approximately 14% of the combined company and current Algorithm shareholders are currently anticipated to own approximately 86% of the combined company. The Boards of Directors of both Hoth and Algorithm have unanimously approved the letter of intent. The completion of the transaction remains subject to a number of conditions, including approval of the transaction by Hoth’s stockholders and Algorithm’s stockholders. Terms and conditions of the merger will be forthcoming as the two companies reach a definitive merger agreement.