Tonix Pharmaceuticals Announces Closing of $4.0 Million Public Offering
29 June 2024 - 6:05AM
Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the
“Company”), a fully-integrated biopharmaceutical company, today
announced the closing of its public offering of 2,833,900 shares of
its common stock and pre-funded warrants to purchase up to
4,228,158 shares of common stock in a public offering at an
offering price of $0.57 per share of common stock and $0.569 per
pre-funded warrant. The warrants have an exercise price of $0.001
per share and became exercisable upon issuance.
The gross proceeds of the offering are $4.0 million before
deducting placement agent fees and other estimated offering
expenses payable by the Company. The Company intends to use the net
proceeds from the offering for working capital and general
corporate purposes, including the preparation of the new drug
application relating to its Tonmya™ product candidate in patients
with fibromyalgia, and the satisfaction of any portion of its
existing indebtedness.
Dawson James Securities, Inc. acted as the sole placement agent
for the offering.
Lowenstein Sandler, New York, NY, represented the Company in
connection with the offering, and ArentFox Schiff LLP, Washington,
DC, represented the placement agent.
This offering was made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-266982) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus supplement and
accompanying prospectus. A final prospectus supplement and
accompanying prospectus describing the terms of the proposed
offering were filed with the SEC and are available on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
preliminary prospectus supplement may be obtained from Dawson James
Securities, Inc., 101 North Federal Highway, Suite 600, Boca Raton,
FL 33432 or by telephone at (561) 391-5555, or by email at
investmentbanking@dawsonjames.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Tonix Pharmaceuticals Holding
Corp.*Tonix is a fully-integrated
biopharmaceutical company focused on developing, licensing and
commercializing therapeutics to treat and prevent human disease and
alleviate suffering. Tonix’s development portfolio is focused on
central nervous system (CNS) disorders. Tonix’s priority is to
submit a New Drug Application (NDA) to the FDA in the second half
of 2024 for Tonmya1, a product candidate for which two
statistically significant Phase 3 studies have been completed for
the management of fibromyalgia. TNX-102 SL is also being developed
to treat acute stress reaction as well as fibromyalgia-type Long
COVID. Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase),
a biologic designed to treat cocaine intoxication that has
Breakthrough Therapy designation. Tonix’s immunology development
portfolio consists of biologics to address organ transplant
rejection, autoimmunity and cancer, including TNX-1500, which is a
humanized monoclonal antibody targeting CD40-ligand (CD40L or
CD154) being developed for the prevention of allograft rejection
and for the treatment of autoimmune diseases. Tonix also has
product candidates in development in the areas of rare disease and
infectious disease. Tonix Medicines, our commercial subsidiary,
markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and
Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute
migraine with or without aura in adults.*Tonix’s product
development candidates are investigational new drugs or biologics
and have not been approved for any indication.
1Tonmya™ is conditionally accepted by the U.S. Food and Drug
Administration (FDA) as the tradename for TNX-102 SL for the
management of fibromyalgia. Tonmya has not been approved for any
indication.Zembrace SymTouch and Tosymra are registered trademarks
of Tonix Medicines. All other marks are property of their
respective owners.
This press release and further information about Tonix can be
found at www.tonixpharma.com.
Forward Looking StatementsCertain statements in
this press release are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995 including those
relating to the intended use of proceeds from the public offering
and other statements that are predictive in nature. These
statements may be identified by the use of forward-looking words
such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,”
and “intend,” among others. These forward-looking statements are
based on Tonix's current expectations and actual results could
differ materially. There are a number of factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, risks related to the failure to obtain FDA clearances
or approvals and noncompliance with FDA regulations; risks related
to the failure to successfully market any of our products; risks
related to the timing and progress of clinical development of our
product candidates; our need for additional financing;
uncertainties of patent protection and litigation; uncertainties of
government or third party payor reimbursement; limited research and
development efforts and dependence upon third parties; and
substantial competition. As with any pharmaceutical under
development, there are significant risks in the development,
regulatory approval and commercialization of new products. Tonix
does not undertake an obligation to update or revise any
forward-looking statement. Investors should read the risk factors
set forth in the Annual Report on Form 10-K for the year ended
December 31, 2023, as filed with the Securities and Exchange
Commission (the “SEC”) on April 1, 2024, and periodic reports filed
with the SEC on or after the date thereof. All of Tonix's
forward-looking statements are expressly qualified by all such risk
factors and other cautionary statements. The information set forth
herein speaks only as of the date thereof.
Investor ContactJessica MorrisTonix
Pharmaceuticalsinvestor.relations@tonixpharma.com(862) 904-8182
Peter VozzoICR Westwickepeter.vozzo@westwicke.com(443)
213-0505
Media ContactKatie
DodgeLaVoieHealthSciencekdodge@lavoiehealthscience.com(978)
360-3151
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