Tonix has licensed technology from the French National Institute of Health and Medical Research (Inserm).
Shares of Tonix Pharmaceuticals (TNXP) have since the start of February 2021. On Monday, the shares soared over 22% following the announcement to develop a COVID-19 skin test. Once again, the stock is rolling, but this time with another important achievement. The company just announced that it has obtained a license from the French National Institute of Health and Medical Research to treat patients with Willi Syndrome.
Another reason why investors might be enthused is Tonix’s treatment for agitation in Alzheimer’s disease. So, there has been a lot happening and the drugmaker has a big upside with all the substantial projects on-hand.
Tonix Pharmaceuticals (TNXP) stock has skyrocketed up to 16.26% to $1.89, as we write this. The penny stock has been trading above $1 one on consistently during this month, followed by several developments happening around.
The company has obtained the green signal to begin work on the treatment of Prader-Willi syndrome, which constantly causes hunger and leads to severe obesity resulting in various health issues.
The co-exclusive license will allow the company to design its program more broadly, with the product being designated as TNX-2900. The patents covering the feature technology for Willi syndrome is available for the company across the US and Europe via the co-licensees till 2031. Tonix plans to get in contact with the FDA for submitting an application for TNX-2900 for Fast Track designation and Orphan Drug.
Another major project that the company is currently working on it’s the diagnostic skin test for testing the COVID-19 virus. Tonix intends to initiate the development of the skin test, called TNX-2100 that will measure T-cell immunity to SARS-CoV-2. According to the researchers, T-cell immunity is an important factor that could help in protecting from severe variants of the coronavirus.
Furthermore, the company is also working on its lead product for Alzheimer’s Disease. Tonix has filed the patent for its TNX-102 SL. If the company obtains the patent it will begin working on the product, which would be a big achievement for the company—taking it one step close to Alzheimer’s Disease solution. Millions of Americans suffer from this disease each year and yet, we do not have any FDA-approved drug for Alzheimer’s.
Above all, the company closed its registered direct offering worth $70 million. Tonix sold more than 53 million common stock shares at $1.20 per share to generate the gross proceeds. The company will use the funding to finance TNX-2100 and other clinical projects.
Tonix Pharmaceuticals (TNXP) has been on the higher side in the past couple of weeks. TNXP’s shares price would ride back to its normal once the near-term upside is achieved. However, the clinical projects under development are real assets for the company that could be a blockbuster in the long-term.