Tonix Pharmaceuticals Closes $4M Public Offering

Tonix Pharmaceuticals Holding Corp., a comprehensive biopharmaceutical company listed on Nasdaq as TNXP, has successfully concluded its public offering of shares. The company sold 1,199,448 shares of its common stock and pre-funded warrants that allow the purchase of up to 2,568,110 shares of common stock, with the latter priced at $1.064 each. The common stock was sold at $1.065 per share. These pre-funded warrants come with an exercise price of $0.001 per share and became exercisable immediately upon issuance. The total gross proceeds from this public offering amount to $4.0 million, prior to deducting fees for placement agents and other related expenses.

Tonix Pharmaceuticals plans to utilize the net proceeds from this offering for various needs, including working capital and general corporate purposes. A significant portion of the funds will be directed towards the preparation of a new drug application (NDA) for its product candidate Tonmya™, which targets fibromyalgia patients. Additionally, the funds will be used to manage existing indebtedness. Dawson James Securities, Inc. acted as the sole placement agent for this offering, while Lowenstein Sandler from New York represented the company, and ArentFox Schiff LLP from Washington, DC represented the placement agent.

The offering was facilitated under a shelf registration statement on Form S-3, which was previously filed with the U.S. Securities and Exchange Commission (SEC). The sale was conducted exclusively through a prospectus supplement and an accompanying prospectus, both of which were filed with the SEC and can be accessed on their official website. It is important to note that this announcement does not constitute an offer to sell or a solicitation to purchase, and no sale of securities will occur in any jurisdiction where such actions would be unlawful without proper registration or qualification under the respective securities laws.

Tonix Pharmaceuticals focuses on developing and commercializing therapeutics aimed at treating and preventing human diseases to alleviate suffering. The company's development pipeline is concentrated on central nervous system (CNS) disorders. A key priority for Tonix is the submission of a New Drug Application to the FDA in the latter half of 2024 for its product candidate Tonmya™. The company has already completed two statistically significant Phase 3 studies for Tonmya™ for managing fibromyalgia. Tonix is also advancing TNX-102 SL to treat acute stress reactions and fibromyalgia-type Long COVID.

The company's CNS portfolio includes TNX-1300, a biologic agent with Breakthrough Therapy designation that aims to treat cocaine intoxication. In the field of immunology, Tonix is developing biologics to address organ transplant rejection, autoimmune diseases, and cancer. Among these is TNX-1500, a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154), which is intended for preventing allograft rejection and treating autoimmune diseases. Additionally, Tonix has product candidates in the sectors of rare diseases and infectious diseases.

Tonix Pharmaceuticals, through its commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraines in adults.

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