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Highlights
- Stocks of Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP, TNXP:US) shot up by nearly seven per cent on Monday, November 15.
- The surge appears to have come on the back of its latest patent announcement.
- On Tuesday too, the pharma stock was sailing in the green territory in the premarket trading hours.
Stocks of Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP, TNXP:US) shot up by nearly seven per cent to close at a value of US$ 0.578 apiece on Monday, November 15.
The surge appears to have come on the back of its latest patent announcement.
On Tuesday too, the pharma stock was sailing in the green territory in the premarket trading hours, up by nearly a per cent at 7.54AM EST.
Now, let’s take a peek at Tonix’s patent update.
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Tonix Pharmaceuticals (NASDAQ: TNXP, TNXP:US) announce US patent
The Chatham, New Jersey-based pharmaceutical company said on Monday that the US Patent and Trademark Office (USPTO) has issued of a patent for its treatment, TNX-1700.
The investigational new biologic is a stabilized recombinant version of Trefoil Factor 2 (TFF2), said to heal the mucous membranes of the gastrointestinal tract, and is being developed with the aim to treat gastric and pancreatic cancers
While its patent was passed last Tuesday, on November 9, TNX-1700 is said to be in its pre-clinical stages of development at the moment and is yet to be approved for any indication.
Considering that the patent term is not extended, TNX-1700’s patent is likely to be exclusive to the US market till April 2, 2033.
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Tonix Pharmaceuticals financial & stock performance
While Tonix Pharmaceuticals saw its net loss rise from US$ 12 million in Q3 2021 to US$ 18.5 million in the third quarter of 2021, it also noted a significant surge in its cash capacity.
Tonix reported that it had a total US$ 183 million as cash and cash equivalents as of September 30, 2021, which was notably up from that of US$ 77.1 million at the end of December 31, 2020.
The amount of cash the pharma company used in its operations in Q3 2021 stood at about US$ 12.9 million, down from that of US$ 15.3 million in the same period a year ago.
As for its stock performance, Tonix scrips note a decline of about six per cent for the past one year and of over 14 per cent for this year. However, in November, the pharma stock has surged by nearly five per cent.
Bottom line
Tonix Pharmaceuticals’ pipeline drug for fibromyalgia, TNX-102 SL, hit a bump after the firm stopped taking in patients for in its phase 3 trial in July this year.
The development was seen as unexpected by many as it came in the wake of preliminary data which showed that TNX-102 SL had helped in lessening considerable pain for fibromyalgia patients.
After that glitch, the patent for its new cancer-focused biologic could work as a silver lining for the pharma company.
Investors interested in Tonix Pharmaceuticals should also keep in mind that the biotech firm has been working on a vaccine for COVID-19, TNX-1800. However, unlike most of its peers, Tonix’s coronavirus jab is yet to be greenlit for emergency use.
