Tonix Pharmaceuticals Announces Pricing of Approximately $4.0 Million Public Offering
June 27 2024 - 8:36AM
Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the
“Company”), a fully-integrated biopharmaceutical company, today
announced it has entered into a placement agency agreement for the
purchase and sale of approximately 7,060,918 shares of its common
stock (or pre-funded warrants in lieu thereof) at an offering price
of $0.57 per share (or $0.569 per pre-funded warrant in lieu
thereof). The closing of the public offering is expected to take
place on or about June 28, 2024, subject to the satisfaction of
customary closing conditions.
The gross proceeds of the offering will be
approximately $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. is acting as the
sole placement agent for the offering.
This offering is being 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 will be made only by means of
a prospectus supplement and accompanying base prospectus, as may be
further supplemented by any free writing prospectus and/or pricing
supplement that Tonix may file with the SEC. A preliminary
prospectus supplement and accompanying prospectus describing the
terms of the proposed offering have been 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. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that Tonix has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about Tonix
and such offering.
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 Statements
Certain 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 completion of the public
offering, the satisfaction of customary closing conditions, 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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