Tonix Pharmaceuticals Meets Nasdaq Minimum Bid Price Rule

Tonix Pharmaceuticals Holding Corp., a fully-integrated biopharmaceutical company, has announced that it has met the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company, trading under the Nasdaq symbol TNXP, received confirmation from The Nasdaq Stock Market LLC on June 26, 2024. This confirmation followed a period where Tonix’s shares maintained a closing bid price of at least $1.00 per share for ten consecutive business days, thus meeting the conditions set forth in Nasdaq Listing Rule 5550(a)(2). With this milestone, the issue of compliance is resolved.

Tonix Pharmaceuticals is dedicated to the development, licensing, and commercialization of therapeutics aimed at treating and preventing human diseases, with a particular emphasis on alleviating suffering. The company's portfolio primarily targets central nervous system (CNS) disorders. A significant focus for Tonix is the submission of a New Drug Application (NDA) to the FDA in the latter half of 2024 for Tonmya, a product designed for managing fibromyalgia, supported by two successful Phase 3 studies. Another key product in development is TNX-102 SL, intended to address acute stress reactions and fibromyalgia-type Long COVID.

The company’s CNS portfolio further includes TNX-1300 (cocaine esterase), which has received Breakthrough Therapy designation for its potential in treating cocaine intoxication. Additionally, Tonix is advancing its immunology development portfolio, which features biologics for organ transplant rejection, autoimmune diseases, and cancer treatment. This includes TNX-1500, a humanized monoclonal antibody directed against the CD40-ligand (CD40L or CD154), currently in development for preventing allograft rejection and treating autoimmune conditions.

Tonix also engages in the development of therapies for rare and infectious diseases. Its commercial subsidiary, Tonix Medicines, markets products such as Zembrace SymTouch (sumatriptan injection) and Tosymra (sumatriptan nasal spray), both used in the acute treatment of migraines with or without aura in adults. It is important to note that Tonix’s product candidates are investigational and have not yet received approval for any indication. Specifically, Tonmya, although conditionally accepted by the FDA as a tradename for TNX-102 SL for fibromyalgia management, has not been approved for any use.

In summary, Tonix Pharmaceuticals’ achievement in regaining compliance with Nasdaq’s minimum bid price requirement marks a significant milestone for the company. It underscores their ongoing efforts in the development and commercialization of therapeutics aimed at treating CNS disorders, acute stress reactions, and other critical conditions. The company's diverse portfolio, including both investigational drugs and commercialized products, reflects their commitment to advancing medical science and addressing unmet medical needs.