Tonix Pharmaceuticals Announces Closing of Public Offering of Common Stock
July 18 2019 - 4:05PM
Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the
Company), a clinical-stage biopharmaceutical company, today
announced the closing of an underwritten public offering of
9,000,000 shares of its common stock at a price to the public of
$0.60 per share, for total gross proceeds of approximately $5.4
million, before deducting underwriting discounts, commissions and
other offering expenses payable by the Company. Additionally, the
Company has granted the underwriters a 45-day option to purchase up
to 1,350,000 additional shares to cover overallotments, if
any. The Company expects to use the net proceeds from
this offering to help fund Phase 3 development for its lead product
candidate, TNX-102 SL, to advance the development of a recently
in-licensed product candidate, TNX-1300, and for working capital
and other general corporate purposes.
Aegis Capital Corp. served as the sole book runner for the
offering.
The offering of these securities was made only by means of a
prospectus. A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission (the “SEC”) and was declared effective on July 15, 2019.
This press release does 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 in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
A copy of the final prospectus relating to the offering may be
obtained by contacting Aegis Capital Corp., 810 Seventh Avenue, New
York, New York 10019, or by calling (212) 813-1010. The final
prospectus may also be obtained on the SEC’s Website at
www.sec.gov.
About Tonix Pharmaceuticals Holding Corp.
Tonix is a clinical-stage biopharmaceutical company focused on
discovering and developing small molecules and biologics to treat
psychiatric, pain and addiction conditions, and biological products
to improve biodefense through potential medical counter-measures.
Tonix’s lead program is for the development of Tonmya* (TNX-102
SL), which is in Phase 3 development as a bedtime treatment for
PTSD. Tonix is also developing TNX-102 SL as a bedtime treatment
for fibromyalgia and agitation in Alzheimer’s disease under
separate Investigational New Drug applications (INDs) to support
potential pivotal efficacy studies. The fibromyalgia program is in
Phase 3 development and the agitation in Alzheimer’s program is
Phase 2 ready. TNX-1300** (double-mutant cocaine esterase) is being
developed under an IND and is in Phase 2 development for the
treatment of cocaine intoxication. TNX-601 (tianeptine oxalate) is
in the pre-IND application stage, also for the treatment of PTSD
but by a different mechanism from TNX-102 SL and designed for
daytime dosing. TNX-601 is also in development for a potential
indication - neurocognitive dysfunction associated with
corticosteroid use. Data is expected in the second half of 2019 for
a Phase 1 clinical formulation selection pharmacokinetic study of
TNX-601 that is being conducted outside of the U.S. TNX-801 (live
virus vaccine for percutaneous (scarification) administration) is a
potential smallpox-preventing vaccine based on a live synthetic
version of horsepox virus, currently in the pre-IND application
stage.
*Tonmya has been conditionally accepted by the U.S. Food and
Drug Administration (FDA) as the proposed trade name for TNX-102 SL
for the treatment of PTSD. TNX-102 SL (cyclobenzaprine HCl
sublingual tablets) is an investigational new drug and has not been
approved for any indication
**TNX-1300 (T172R/G173Q double-mutant cocaine esterase 200 mg,
i.v. solution) is an investigational new biologic and has not been
approved for any indication.
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. 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
failure to obtain FDA clearances or approvals and noncompliance
with FDA regulations; 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, 2018, as filed with the Securities and Exchange
Commission (the “SEC”) on March 18, 2019, and periodic reports on
Form 10-Q filed with the SEC on or after the date thereof. Tonix
does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contacts
Jessica Morris (corporate)Tonix
Pharmaceuticalsinvestor.relations@tonixpharma.com(212) 980-9159
Scott Stachowiak (media)Russo
Partnersscott.stachowiak@russopartnersllc.com (646) 942-5630
Peter Vozzo (investors)Westwicke
Partnerspeter.vozzo@westwicke.com (443) 213-0505
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