Tonix Pharmaceuticals Holdings Corp. Closes $70M Common Stock Offering Priced At-The-Market Under Nasdaq Rules
February 09 2021 - 4:05PM
TONIX PHARMACEUTICALS HOLDINGS CORP. (NASDAQ:
TNXP) (“Tonix” or the “Company”), a clinical-stage
biopharmaceutical company, today announced the closing of its
previously announced registered direct offering, priced
at-the-market, with gross proceeds of approximately $70.0 million
before deducting fees and other estimated offering expenses. The
Company sold 58,333,334 shares of common stock at $1.20 per
share.
A.G.P./Alliance Global Partners acted as sole
placement agent for the offering.
This offering was made pursuant to effective
shelf registration statements on Form S-3 (File No. 333-251500
and 333-237610) previously filed with and declared effective by the
U.S. Securities and Exchange Commission (the “SEC”). 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. A final
prospectus relating to the offering was filed with the SEC on
February 9, 2021 and is available on the SEC’s website located at
http://www.sec.gov. Copies of the prospectus supplement, together
with the accompanying prospectuses, can be obtained at the SEC’s
website at www.sec.gov or from A.G.P./Alliance Global Partners, 590
Madison Avenue, 28th Floor, New York, New York 10022 or by email at
prospectus@allianceg.com.
About Tonix Pharmaceuticals Holding
Corp.
Tonix is a clinical-stage biopharmaceutical
company focused on discovering, licensing, acquiring and developing
small molecules and biologics to treat and prevent human disease
and alleviate suffering. Tonix’s portfolio is primarily composed of
central nervous system (CNS) and immunology product candidates. The
CNS portfolio includes both small molecules and biologics to treat
pain, neurologic, psychiatric and addiction conditions. Tonix’s
lead CNS candidate, TNX-102 SL*, is in mid-Phase 3 development for
the management of fibromyalgia, and positive data on the RELIEF
Phase 3 trial were recently reported. The Company expects interim
data from a second Phase 3 study, RALLY, in the second quarter of
2021** and topline data in the fourth quarter of 2021. The
immunology portfolio includes vaccines to prevent infectious
diseases and biologics to address immunosuppression, cancer, and
autoimmune diseases. Tonix’s lead vaccine candidate, TNX-1800***,
is a live replicating vaccine based on the horsepox viral vector
platform to protect against COVID-19, primarily by eliciting a T
cell response. Tonix expects efficacy data from animal studies of
TNX-1800 in the first quarter of 2021. TNX-801***, live horsepox
virus vaccine for percutaneous administration, is in development to
protect against smallpox and monkeypox.
*TNX-102 SL is an investigational new drug and
has not been approved for any indication.
** Pending submission and agreement from FDA on
statistical analysis plan.
***TNX-1800 and TNX-801 are investigational new
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,
statements about the expected closing of the offering; anticipated
gross proceeds from the offering; risks related to 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; substantial competition and other risks and uncertainties
detailed in Tonix’s Annual Report on Form 10-K for the year ended
December 31, 2019, as filed with the Securities and Exchange
Commission (“SEC”) on March 24, 2020, as well as Tonix’s subsequent
periodic and current report filed with the SEC. 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, 2019, as filed with the SEC on March 24,
2020, 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) 904-8182
Olipriya Das, Ph.D. (media)Russo
PartnersOlipriya.Das@russopartnersllc.com(646) 942-5588
Peter Vozzo
(investors)Westwickepeter.vozzo@westwicke.com(443) 213-0505
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