Hoth Therapeutics Announces Joint Development Agreement with Wise Systems International SRL to Utilize Artificial Intelligence for Drug Discovery
Rhea-AI Summary
Hoth Therapeutics (NASDAQ: HOTH) has entered a joint development agreement with Wise Systems International SRL, using Nvidia's BioNeMo generative AI platform. This collaboration aims to accelerate the drug discovery process by utilizing AI for target identification and lead optimization. The partnership is expected to enhance Hoth's therapeutic pipeline and increase the value of its assets. Key executives from both companies expressed optimism about leveraging AI to bring innovative treatments to patients.
Positive
- Joint development agreement with Wise Systems International SRL enhances Hoth's capabilities in AI-driven drug discovery.
- Utilization of Nvidia's BioNeMo AI platform for accelerating drug discovery processes.
- Potential for significant value addition to Hoth's existing pipeline of therapeutics.
- The collaboration could lead to innovative treatments reaching patients faster.
- Positive remarks from executives suggest strong strategic alignment and potential for successful outcomes.
Negative
- No immediate financial gains or revenue figures mentioned.
- Dependence on the success of the AI platform and collaboration for future growth.
- Potential risks associated with integrating AI technologies into existing workflows.
- Uncertainty about the time frame for realizing tangible results from the partnership.
News Market Reaction 1 Alert
On the day this news was published, HOTH declined 8.26%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Nvidia BioNeMo generative AI platform will be used to accelerate the training of models on proprietary data
BioNeMo provides researchers and developers a fast and easy way to build and integrate state-of-the-art generative AI applications across the entire drug discovery pipeline—from target identification to lead optimization—with AI workflows. With the help of SRL, Hoth Therapeutics will have the ability to identify, create and leverage its pipeline for additional therapeutics and to further increase value of its assets.
Robert Antofe of Wise Systems International SRL commented, "We're excited to work with Hoth and leverage our existing AI expertise to help bring further value to both companies through the development of Hoth Therapeutics AI initiatives."
"We believe the Nvidia BioNeMo platform is best in class and with SRL's assistance we can better grow our IP, leverage our existing pipeline and deliver exciting novel therapeutics to patients in need," said Robb Knie, Chief Executive Office of Hoth Therapeutics.
About Hoth Therapeutics, Inc.
Hoth Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing innovative, impactful, and ground-breaking treatments with a goal to improve patient quality of life. We are a catalyst in early-stage pharmaceutical research and development, elevating drugs from the bench to pre-clinical and clinical testing. Utilizing a patient-centric approach, we collaborate and partner with a team of scientists, clinicians, and key opinion leaders to seek out and investigate therapeutics that hold immense potential to create breakthroughs and diversify treatment options. To learn more, please visit https://ir.hoththerapeutics.com/ .
Investor Contact:
LR Advisors LLC
Email: investorrelations@hoththerapeutics.com
www.hoththerapeutics.com
Phone: (678) 570-6791
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SOURCE Hoth Therapeutics, Inc.
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