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Biopharmaceutical company Hoth Therapeutics seeks to raise $6.2M in IPO


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Biopharmaceutical company Hoth Therapeutics seeks to raise $6.2M in IPO

Hoth Therapeutics Inc. plans to offer 1,250,000 common shares in an IPO on Nasdaq at a price ranging between $5.50 per share and $6.50 per share.

The biopharmaceutical company expects that its common shares will trade on the Nasdaq Capital Market under the symbol HOTH.

New York-based Hoth's primary asset is an agreement with Chelexa BioSciences that gives Hoth an exclusive sublicense to use the BioLexa Platform, a proprietary, patented, drug compound platform, and allows Hoth to develop the platform for any indications in humans, according to a Jan. 11 registration statement.

Hoth said its initial focus will be on treating atopic dermatitis, also known as eczema, with a topical cream.

The company has also granted underwriters an option to buy up to an additional 187,500 common shares.

Hoth expects net proceeds from the IPO of about $6.2 million, or roughly $7.2 million if the underwriters' option is fully exercised, assuming the offering is priced at $6 per share.

The company plans to use the net proceeds to fund the development of the BioLexa Platform for the treatment of eczema, including the treatment's phase 2 clinical testing. The remaining proceeds will be used for general corporate purposes and working capital.

Laidlaw & Co. (UK) Ltd. is acting as an underwriter in the offering.