Tonix Pharmaceuticals Announces Pricing of Approximately $4.0 Million Public Offering
July 09 2024 - 9:15AM
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 7,096,740 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 July 10, 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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