Tonix Pharmaceuticals Holding Corp. (TNXP) shares rose 7.74% in after-hours on Monday, November 08, 2021, and closed the daily trading at $0.60. Even in the regular trading session, TNXP’s stock gained 1.57%. TNXP shares have fallen 0.96% over the last 12 months, and they have moved down 3.98% in the past week. Over the past three months, the stock has lost 28.23%, while over the past six months, it has declined 46.45%.
Let’s have a brief look at its recent news and developments.
TNXP positive results of TNX-102 SL
On November 08, 2021, Tonix Pharmaceuticals Holding Corp. (TNXP) announced an oral presentation of positive results from its Phase 3 clinical study, RELIEF, of TNX-102 SL for the management of fibromyalgia.
Dr Gregory Sullivan, Chief Medical Officer of Tonix, said that the TNX-102 SL met its pre-specified primary endpoint in the Phase 3 RELIEF trial. It significantly reduced daily pain compared to placebo (p=0.01) in participants with fibromyalgia.
Fibromyalgia is a chronic pain disorder that is understood to result from amplified sensory and pain signalling within the central nervous system.
TNXP recent financial results announcement
On November 08, 2021, Tonix Pharmaceuticals Holding Corp. (TNXP) announced financial results for the third quarter ended September 30, 2021.
Q3 2021 financial highlights
- General and administrative expenses were $5.5 million in Q3 2021 compared to $3.2 million for the same period in 2020.
- Research and development expenses were $13.1 million in Q3 2021 compared to $8.8 million in the third quarter of 2020.
- TNXP suffered a net loss of $18.5 million, or $0.05 per share, basic and diluted, for the third quarter of 2021, compared to a net loss of $12.0 million, or $0.09 per share, basic and diluted, for the third quarter of 2020.
- Tonix had $183.0 million of cash and cash equivalents at the end of the third quarter compared to $77.1 million as of December 31, 2020.
TNXP participation in the recent event
Tonix Pharmaceuticals Holding Corp (TNXP) recently participated at the BIO-Europe 2021, which was held on October 25-28, 2021. The company was presented by Seth Lederman, M.D., President and Chief Executive Officer of Tonix during the event.
TNXP new Infectious Disease R&D Center in Maryland
Tonix Pharmaceuticals Holding Corp. (TNXP) held a ribbon-cutting ceremony at the Company’s approximately 48,000 square foot research and development centre (RDC) in Frederick, Md. on October 18, 2021. The RDC is expected to support the Company’s expanding infectious disease pipeline and it will expand the company’s internal capacity to discover and develop vaccines and antivirals intended to support U.S. pandemic preparedness.
Conclusion
The recent positive results of TNX-102 SL were the reason behind its gains in the after-hours on Monday. The company announced its financial results as well but it still did not make any profit.
