Tonix Pharmaceuticals Announces 1-for-32 Reverse Split - June 6, 2024

Tonix Pharmaceuticals, Inc. (Nasdaq: TNXP), a fully-integrated biopharmaceutical company based in Chatham, N.J., has announced a 1-for-32 reverse stock split of its outstanding common stock. This split will come into effect when trading begins on June 10, 2024.

The primary goal of this reverse stock split is to raise the per-share trading price of Tonix's common stock in order to meet the $1.00 minimum bid price requirement mandated by The NASDAQ Capital Market (Rule 5550(a)(1)). Despite this change, Tonix's common stock will continue to be listed on the NASDAQ Capital Market under the ticker "TNXP," though it will have a new CUSIP number, 890260847. Consequently, every thirty-two shares of pre-split common stock will be consolidated into one share. This adjustment will also affect the common stock that can be issued upon the exercise of outstanding warrants and stock options. Interestingly, the number of authorized common stock shares will not be proportionately reduced, as permitted by Nevada law, with shareholder approval already obtained on May 22, 2024.

Tonix’s transfer agent, VStock Transfer LLC, acting as the exchange agent for the reverse split, will provide shareholders with detailed instructions on how to exchange their share certificates. Any resulting fractional shares from the reverse stock split will be rounded up to the nearest whole post-split share, and shareholders will not receive cash for fractional shares.

Tonix Pharmaceuticals is dedicated to developing, licensing, and commercializing treatments to address and alleviate human diseases. The company's current development portfolio is primarily concentrated on central nervous system (CNS) disorders. Notably, Tonix plans to submit a New Drug Application (NDA) to the FDA in the latter half of 2024 for Tonmya, a candidate that has undergone two successful Phase 3 studies for managing fibromyalgia. Additionally, TNX-102 SL is under development for treating acute stress reactions and fibromyalgia-type Long COVID.

The company's CNS portfolio also includes TNX-1300, a biologic designed to treat cocaine intoxication, which has been granted Breakthrough Therapy designation. Tonix's immunology portfolio features biologics aimed at organ transplant rejection, autoimmunity, and cancer. This includes TNX-1500, a humanized monoclonal antibody that targets CD40-ligand (CD40L or CD154) and is being developed to prevent allograft rejection and treat autoimmune diseases. Moreover, Tonix is working on product candidates in the domains of rare diseases and infectious diseases.

Tonix's commercial subsidiary, Tonix Medicines, currently markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine in adults.

The company's development candidates are investigational and have not yet received approval for any indications. Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines, while other mentioned marks are the property of their respective owners. 

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