Tonix Pharmaceuticals Announces 1-for-32 Reverse Stock Split
May 16 2022 - 1:00PM
Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the
Company), a clinical-stage biopharmaceutical company, today
announced that it will effect a 1-for-32 reverse stock split of its
outstanding common stock. This will be effective for trading
purposes as of the commencement of trading on May 17, 2022.
The reverse stock split was previously approved by the Board of
Directors of Tonix in accordance with Nevada law, under which no
stockholder approval is required, and is intended to increase the
per share trading price of Tonix’s common stock to satisfy the
$1.00 minimum bid price requirement for continued listing on The
NASDAQ Capital Market (Rule 5550(a)(1)). Tonix’s common stock will
continue to trade on the NASDAQ Capital Market under the symbol
“TNXP” and under a new CUSIP number, 890260862. As a result of the
reverse stock split, every thirty-two pre-split shares of common
stock outstanding will become one share of common stock. The
reverse stock split will also proportionately reduce the number of
shares of authorized common stock from 1,600 million to 50 million
shares. The reverse split will also apply to common stock issuable
upon the exercise of Tonix’s outstanding warrants and stock
options.
Tonix’s transfer agent, VStock Transfer LLC, which is also
acting as the exchange agent for the reverse split, will provide
instructions to shareholders regarding the process for exchanging
share certificates. Any fractional shares of common stock resulting
from the reverse stock split will be rounded up to the nearest
whole post-split share and no shareholders will receive cash in
lieu of fractional shares.
About Tonix Pharmaceuticals Holding
Corp.1
Tonix is a clinical-stage biopharmaceutical company focused on
discovering, licensing, acquiring and developing therapeutics to
treat and prevent human disease and alleviate suffering. Tonix’s
portfolio is composed of central nervous system (CNS), rare
disease, immunology and infectious disease product candidates.
Tonix’s CNS portfolio includes both small molecules and biologics
to treat pain, neurologic, psychiatric and addiction conditions.
Tonix’s lead CNS candidate, TNX-102 SL (cyclobenzaprine HCl
sublingual tablet), is in mid-Phase 3 development for the
management of fibromyalgia with a new Phase 3 study launched in the
second quarter of 2022 and interim data expected in the first
quarter of 2023. TNX-102 SL is also being developed to treat Long
COVID, a chronic post-acute COVID-19 condition. Tonix expects to
initiate a Phase 2 study in Long COVID in the second quarter of
2022. TNX-1300 (cocaine esterase) is a biologic designed to
treat cocaine intoxication that is expected to start a Phase 2
trial in the second quarter of 2022. TNX-1300 has been granted
Breakthrough Therapy Designation by the FDA. Finally, TNX-1900
(intranasal potentiated oxytocin), a small molecule in development
for chronic migraine, is expected to enter the clinic with a Phase
2 study in the second half of 2022. Tonix’s rare disease portfolio
includes TNX-2900 (intranasal potentiated oxytocin) for the
treatment of Prader-Willi syndrome. TNX-2900 has been granted
Orphan-Drug Designation by the FDA. Tonix’s immunology portfolio
includes biologics to address organ transplant rejection,
autoimmunity and cancer, including TNX-1500 which is a
humanized monoclonal antibody targeting CD40-ligand being developed
for the prevention of allograft and xenograft rejection and for the
treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is
expected to be initiated in the second half of 2022. Tonix’s
infectious disease pipeline consists of a vaccine in development to
prevent smallpox and monkeypox called TNX-801, next-generation
vaccines to prevent COVID-19, and a platform to make fully human
monoclonal antibodies to treat COVID-19. Tonix’s lead vaccine
candidates for COVID-19 are TNX-1840 and TNX-1850, which are live
virus vaccines based on Tonix’s recombinant pox live virus vector
vaccine platform.
1All of Tonix’s product candidates are investigational new drugs
or biologics and have 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 the
reverse stock split, failure to obtain FDA clearances or approvals
and noncompliance with FDA regulations; delays and uncertainties
caused by the global COVID-19 pandemic; 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, 2021, as filed with the Securities and
Exchange Commission (the “SEC”) on March 14, 2022, 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.
Contacts
Jessica Morris (corporate)Tonix
Pharmaceuticalsinvestor.relations@tonixpharma.com(862) 799-8599
Olipriya Das, Ph.D.
(media)Russo PartnersOlipriya.Das@russopartnersllc.com
(646) 942-5588
Peter Vozzo (investors)ICR
Westwickepeter.vozzo@westwicke.com (443) 213-0505
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