Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP), a biopharmaceutical company with a current market capitalization of $115 million, has increased its maximum aggregate offering price from $150 million to $250 million under its existing Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP).
Tonix Pharmaceuticals specializes in pharmaceutical preparations and is known for its development of small molecules and biologics to treat diseases, primarily central nervous system disorders. The increase in the offering size provides the company with a broader financial runway to support its ongoing research and development efforts.
InvestingPro analysis shows the company maintains a healthy current ratio of 3.33 and holds more cash than debt, though it's currently burning through cash rapidly.
The additional funds are expected to be used to further the company's research and development pipeline, which includes potential treatments for conditions such as fibromyalgia, post-traumatic stress disorder, and other chronic conditions. Tonix's decision to increase the offering size reflects a strategic move to strengthen its financial position and support its long-term growth initiatives.
In other recent news, Tonix Pharmaceuticals has made significant strides. The U.S. Food and Drug Administration (FDA) has accepted the New Drug Application (NDA) for TNX-102 SL, a non-opioid treatment for fibromyalgia, based on two Phase 3 clinical trials. This could mark the introduction of the first new drug for fibromyalgia in over 15 years.
In addition, Tonix has secured a Department of Defense contract worth up to $34 million for the development of its antiviral drug, TNX-4200, in collaboration with X-Chem, Inc. The company has also presented promising preclinical data on its mpox vaccine candidate, TNX-801, indicating its potential to prevent mpox and control future epidemics.
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