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Stocks of US-based biotech company Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP, TNXP:US) caught the attention of investors and climbed about one per cent at market open on Thursday, June 3 (9:45AM EST).
The spike came as the clinical-stage biopharmaceutical firm presented the results of its Phase 3 clinical study of TNX-102 SL, which is a treatment meant for fibromyalgia.
The positive results are set to be announced through a poster presentation, and be available on the company's website.
What Did Tonix Pharma’s (NASDAQ:TNXP, TNXP:US) Study Reveal?
The efficacy and safety results of TNX-102 SL suggest that it meets the pre-specified primary endpoint in its Phase 3 (RELIEF) trial. The study found that the treatment significantly reduces the daily pain of fibromyalgia, a health disorder that causes musculoskeletal pain and amplifies painful sensations.
The Phase 3 trial also revealed that TNX-102 SL, in certain quantities, can also show improvement in secondary effects, such as sleep disorder, fatigue and nausea.
According to the National Fibromyalgia Association, at least 10 million people in the US suffered from this disorder in 2020, of which 70 to 90 per cent were women.
Tonix Pharma CEO Seth Lederman said that this study provides evidence that 5.6mg of the drug is the right dose for patients and can improve the condition of major health issues related to fibromyalgia. Earlier, 2.8 mg dose had shown promise for the treatment, but it was less effective.
Tonix Pharma’s COVID-19 Journey
Tonix Pharmaceuticals Holding is also said to be engaged in activities related to battling COVID-19. Reports suggest that the pharma company is involved in the development of TNX-1800, a potential COVID-19 vaccine.
Tonix Pharma (NASDAQ:TNXP) Stock Performance
Tonix stock scored a 52-week high of US$ 2.46 on July 21, 2020. In the past one year, it has catapulted by 90 per cent.
In terms of year-to-date (YTD) growth, TNXP share prices gave returns of about 84 per cent so far.
1-year chart of stock performance, volume and moving average exponential of Tonix Pharma (Source: EODHD/Others)
In the past five days, Tonix Pharma stock climbed 11 per cent.
Tonix’s cash and cash equivalents rose to US$ 164.2 million in the first quarterly results of fiscal 2021. In the same period, the company raised gross proceeds of US$ 110 million.
As per TMX data, the company’s debt-to-equity ratio is 0.01 and its market cap is C$ 401.6 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from EODHD/Others.
