Tonix Pharmaceuticals Announces 1-for-6.25 Reverse Stock Split
May 09 2023 - 01:00PM
GlobeNewswire Inc.
Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the
Company), a clinical-stage biopharmaceutical company, today
announced that it will effect a 1-for-6.25 reverse stock split of
its outstanding common stock. This will be effective for trading
purposes as of the commencement of trading on May 10, 2023.
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, 890260854. As
a result of the reverse stock split, every six and one-quarter
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
billion to 160 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.
Tonix Pharmaceuticals Holding
Corp.*
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 topline data expected in the fourth
quarter of 2023. TNX-102 SL is also being developed to treat Long
COVID, a chronic post-acute COVID-19 condition. Enrollment in a
Phase 2 study has been completed, and topline results are expected
in the third quarter of 2023. TNX-1900 (intranasal potentiated
oxytocin), in development for chronic migraine, is currently
enrolling with topline data expected in the fourth quarter of 2023.
TNX-601 ER (tianeptine hemioxalate extended-release tablets), a
once-daily formulation being developed as a treatment for major
depressive disorder (MDD), is also currently enrolling with interim
data expected in the fourth quarter of 2023. TNX-1300 (cocaine
esterase) is a biologic designed to treat cocaine intoxication and
has been granted Breakthrough Therapy designation by the FDA. A
Phase 2 study of TNX-1300 is expected to be initiated in the third
quarter of 2023. 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 (CD40L or CD154) being developed for the prevention of
allograft rejection and for the treatment of autoimmune diseases. A
Phase 1 study of TNX-1500 is expected to be initiated in the third
quarter of 2023. Tonix’s infectious disease pipeline includes
TNX-801, a vaccine in development to prevent smallpox and mpox, for
which a Phase 1 study is expected to be initiated in the second
half of 2023. TNX-801 also serves as the live virus vaccine
platform or recombinant pox vaccine platform for other infectious
diseases. The infectious disease portfolio also includes TNX-3900
and TNX-4000, classes of broad-spectrum small molecule oral
antivirals.
*All of Tonix’s product candidates are investigational new drugs
or biologics and none has 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 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, 2022, as filed with the Securities and
Exchange Commission (the “SEC”) on March 13, 2023, 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
Maddie Stabinski (media)Russo
PartnersMadeline.Stabinski@russopartnersllc.com (212) 845-4273
Peter Vozzo (investors)ICR
Westwickepeter.vozzo@westwicke.com(443) 213-0505
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