Spherix Inc (NASDAQ: SPEX) is having an overwhelmingly strong start in the pre-market this morning and for good reason. The company announced that it has made an investment in another biotechnology company, causing excitement among investors, who sent the stock upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:15), SPEX is trading at $3.29 per share after a gain of $0.69 per share or 26.54% thus far today.
SPEX Gains On Investment In Hoth Therapeutics
As mentioned above, Spherix is having an incredibly strong start to the trading session in the pre-market hours this morning after announcing that it has made a key investment. The company announced that it has closed a transaction in which it has invested in Hoth Therapeutics, a development stage biopharmaceutical company. Hoth is focused on therapeutics for the treatment of atopic dermatitis, for example, eczema. In fact, Hoth has the exclusive sublicense of proprietary, patented, drug compounds for the treatment of eczema that were developed at the University of Cincinnati and tested at the University of Miami. In a statement, Anthony Hayes, CEO at SPEX, had the following to offer…
“We are pleased to have completed this investment and to begin working with Hoth to develop their exciting compound. We believe this is an accretive asset that will deliver value to our shareholders and show continuing efforts to build shareholder value.”
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SPEX. In particular, we’re interested in following the work the company does with Hoth in the atopic dermatits space. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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