Tonix Pharmaceuticals Closes $4.0 Million Public Offering

CHATHAM, N.J., June 28, 2024 - Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a comprehensive biopharmaceutical company, has successfully concluded its public offering of 2,833,900 shares of common stock and pre-funded warrants for the purchase of up to 4,228,158 shares of common stock. The offering was set at a price of $0.57 per share of common stock and $0.569 per pre-funded warrant. The warrants, which have an exercise price of $0.001 per share, became exercisable immediately upon issuance. 

The gross proceeds from this public offering amount to $4.0 million, prior to the deduction of placement agent fees and other related expenses. Tonix Pharmaceuticals plans to allocate the net proceeds towards working capital and general corporate purposes. Specifically, the funds will support the preparation of a new drug application for its Tonmya™ product candidate, targeting patients with fibromyalgia, as well as addressing any outstanding debt.

Dawson James Securities, Inc. served as the sole placement agent for this offering. Representing Tonix Pharmaceuticals in legal matters related to the offering was Lowenstein Sandler in New York, NY, while ArentFox Schiff LLP in Washington, DC, represented the placement agent.

The offering was conducted under an effective shelf registration statement on Form S-3 (File No. 333-266982), previously filed with the U.S. Securities and Exchange Commission (SEC). It was executed solely through a prospectus supplement and an accompanying prospectus, both of which were filed with the SEC and are accessible via the SEC’s official website.

Tonix Pharmaceuticals is a biopharmaceutical company dedicated to the development, licensing, and commercialization of therapeutics aimed at treating and preventing human disease, with a commitment to alleviating patient suffering. The company's developmental focus is primarily on central nervous system (CNS) disorders. Their immediate priority is to submit a New Drug Application (NDA) to the FDA for Tonmya™, which has undergone two statistically significant Phase 3 studies for managing fibromyalgia. TNX-102 SL is also under development for treating acute stress reaction and fibromyalgia-type Long COVID.

Beyond CNS disorders, Tonix’s portfolio includes TNX-1300 (cocaine esterase), a biological agent for treating cocaine intoxication, which has been granted Breakthrough Therapy designation. Their immunology development portfolio features biologics designed to tackle organ transplant rejection, autoimmunity, and cancer. A notable candidate, TNX-1500, is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154), intended for preventing allograft rejection and treating autoimmune diseases. Tonix is also working on treatments for rare and infectious diseases.

Tonix Medicines, the company's commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg, aimed at treating acute migraine with or without aura in adults. It is important to note that all of Tonix’s product development candidates are investigational and have not yet received approval for any indication.

Tonmya™ has been conditionally accepted by the FDA as the trade name for TNX-102 SL for fibromyalgia management, though it remains unapproved for any indication. Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. 

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