Tonix Pharmaceuticals has experienced a significant drop in its shares, with a decline of 23% to 46 cents. The decline follows the company’s recent announcement of securities purchase agreements with healthcare-focused institutional investors. Through a registered direct offering, these agreements are set to provide up to $144 million in proceeds.
The stock had previously reached its lowest point in the past year, hitting 37 cents on December 7th. Overall, Tonix Pharmaceuticals’ shares have fallen by 77% over the course of the past 12 months.
Positive Results for TNX-102 SL Sublingual Tablets
Tonix Pharmaceuticals’ latest offering comes shortly after revealing positive results from a Phase 3 study involving TNX-102 SL cyclobenzaprine HCl sublingual tablets. These tablets effectively met their predetermined primary endpoint in the second of two successful Phase 3 clinical trials.
The study specifically focused on participants with fibromyalgia, and the results demonstrated that the tablets significantly reduced daily pain compared to the placebo. Moreover, the study revealed statistically significant improvements in secondary endpoints related to sleep quality, fatigue reduction, and overall fibromyalgia symptoms and function.
TNX-102 SL was well tolerated by participants, with no new safety concerns arising. Its adverse event profile was consistent with previous studies conducted by the company.
Future Plans for TNX-102 SL
Tonix Pharmaceuticals has outlined its future plans for TNX-102 SL. The company intends to submit a New Drug Application to the U.S. Food and Drug Administration in the second half of 2024. This application aims to gain regulatory approval for TNX-102 SL as a management option for fibromyalgia.
It is an exciting development in the field of fibromyalgia treatment, and Tonix Pharmaceuticals is poised to make an impact.