(RTTNews) - Hoth Therapeutics, Inc. (HOTH), a biopharmaceutical firm, said on Wednesday that it has signed a Letter of Intent or LoI to merge with Algorithm Sciences, Inc., a company focused on Pulmonary Arterial Hypertension or PAH.
Post transaction, Hoth shareholders are expected to own around 14% of the combined company, whereas Algorithm shareholders are anticipated to own remaining approximately 86%.
Robb Knie, CEO of Hoth, said: "The combination of assets in the combined company translates to additional billions of dollars in market opportunity for current shareholders. Algorithm's executive team along with its science professionals brings a seasoned executive focus on commercialization and monetization of the now robust advanced pipeline…"
Algorithm pipeline focused on PAH, a rare disease with a prevalence of around 100,000 patients in the U.S. The global PAH treatment market size was valued at $7.2 billion in 2021, and is projected to reach $12 billion by 2031.
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