Biopharmaceutical company Hoth Therapeutics Inc (NASDAQ:HOTH) said on Monday that it will form a joint venture entity, called HaloVax, to commence preclinical studies for the development of the COVID-19 vaccine in partnership with Voltron Therapeutics Inc.

The JV HaloVax will begin the preclinical studies for the development of vaccine prospects to prevent COVID-19 based upon VaxCelerate, a self-assembling vaccine (SAV) platform, which was exclusively licensed by Voltron from the Vaccine and Immunotherapy Center (VIC) at Massachusetts General Hospital (MGH).

Under the joint agreement, Hoth and Voltron and MGH will explore and develop this SAV technology to aid patients at risk of being infected with COVID-19. The VaxCelerate vaccine platform was developed as a means of rapidly generating and pre-clinically testing a new vaccine against specific pathogen targets. The technology has demonstrated proof of concept in Lassa Fever, an emerging infectious disease.

In conjunction, HaloVax plans to use the same SAV principles to assist in the development of a potential vaccine against the COVID-19 pandemic. VaxCelerate offers two unique elements to combat the Coronavirus - one fixed immune adjuvant and one variable immune targeting and offers several potential advantages over other compounds in combination therapy.

This proposed vaccine reportedly focuses on both DNA and internal / external mutated proteins providing the immune system with more potential targets to attack, added the partnership.

As part the agreement, Hoth will receive the right to receive single digit royalties from the sale of any products developed and shall have the right to acquire up to a 30% equity interest in HaloVax.