By Geoffrey Smith
Investing.com -- Hoth Therapeutics (NASDAQ: HOTH ) stock more than doubled in early trade on Monday after the biotech startup said that its experimental cancer treatment HT-KIT had appeared successful in killing cancerous cells and stopping tumor growth in a preclinical study.
By 10:15 AM ET (1415 GMT), Hoth stock was up 110% at $1.28. However, that's still barely 20% of its value when it listed in 2019.
HT-KIT is a new molecular entity under development for treatment of mast cell-derived cancers and anaphylaxis. It has already been awarded Orphan Drug status, which will guarantee the company tax credits for clinical costs, exemptions from certain FDA fees, and seven years of patent protection if it is formally approved for use.
The company said that research conducted jointly with North Carolina State University showed HT-KIT can kill cancer cells and inhibit their growth within 72 hours, reducing the likelihood of tumors spreading to other organs in the body.
"With our HT-KIT drug, we are flipping off a key cancer signal that's involved in multiple aggressive cancers, such as systemic mastocytosis, mast cell leukemia, gastrointestinal stromal tumors, and acute myeloid leukemia," CEO Robb Knie said in a statement.
He noted that the next round of preclinical studies for the drug has already started and that the company plans to brief the Food and Drug Administration on their results in the course of this year.
Hoth has already completed a manufacturing feasibility study for the drug together with China-based WuXi STA.
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