Tonix Pharmaceuticals Closes $4M Public Offering - July 10, 2024

Tonix Pharmaceuticals Holding Corp., a fully-integrated biopharmaceutical company, has announced the completion of its public offering. The offering involved 3,393,600 shares of its common stock and pre-funded warrants to purchase an additional 3,703,140 shares of common stock. The shares were sold at a price of $0.57 each, while the pre-funded warrants were sold at $0.569 each. These pre-funded warrants have an exercise price of $0.001 per share and can be exercised immediately upon issuance.

The gross proceeds from this public offering amounted to $4.0 million before accounting for placement agent fees and other associated offering expenses. Tonix Pharmaceuticals plans to utilize the net proceeds for several purposes, including working capital, general corporate needs, and to prepare for the new drug application of its Tonmya™ product candidate, aimed at treating patients with fibromyalgia. Additionally, the funds will be used to address any portion of the company's existing debt.

Dawson James Securities, Inc. served as the sole placement agent for this offering. Legal representation was provided by Lowenstein Sandler, New York, NY, for Tonix Pharmaceuticals, and by ArentFox Schiff LLP, Washington, DC, for the placement agent.

This public 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). The offering was conducted via a prospectus supplement and an accompanying prospectus. The final prospectus supplement along with the accompanying prospectus, which detail the terms of the offering, were filed with the SEC and can be accessed on the SEC's website.

Tonix Pharmaceuticals is a biopharmaceutical company dedicated to developing, licensing, and commercializing treatments for human diseases with a focus on alleviating suffering. The company's development portfolio primarily targets central nervous system disorders. One of its key priorities is the submission of a New Drug Application (NDA) to the FDA for Tonmya1 in the management of fibromyalgia. Tonmya1 has successfully completed two statistically significant Phase 3 trials.

Apart from Tonmya1, Tonix is also developing TNX-102 SL for the treatment of acute stress reactions and long COVID with fibromyalgia-like symptoms. Another notable product in the CNS portfolio is TNX-1300, a biologic designated to treat cocaine intoxication, which has received Breakthrough Therapy designation.

Tonix's immunology portfolio includes biologics aimed at preventing organ transplant rejection, treating autoimmunity, and combating cancer. Among these is TNX-1500, a humanized monoclonal antibody that targets CD40-ligand (CD40L or CD154). This is being developed for preventing allograft rejection and treating autoimmune diseases.

The company is also engaged in the development of treatments for rare and infectious diseases. Tonix Medicines, a subsidiary of Tonix Pharmaceuticals, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg, both used for treating acute migraines in adults, with or without aura.

It is important to note that Tonix’s product candidates are currently investigational and have not been approved for any indication. Tonmya™ is the FDA conditionally accepted tradename for TNX-102 SL for managing fibromyalgia but has not yet received approval for any indication.

The information provided above details the recent public offering and overview of Tonix Pharmaceuticals' current initiatives and product development activities.