Tonix Pharmaceuticals Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Tonix Pharmaceuticals (Nasdaq: TNXP) has regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on The Nasdaq Capital Market. This milestone was achieved after TNXP shares maintained a closing bid price of $1.00 or higher for at least 10 consecutive business days, as confirmed by a Nasdaq letter on June 26, 2024.

Tonix is a biopharmaceutical company specializing in CNS disorders, with a focus on developing therapeutics for conditions such as fibromyalgia and Long COVID. The company plans to submit a New Drug Application (NDA) for its fibromyalgia treatment, Tonmya, in the latter half of 2024. Tonix also aims to address cocaine intoxication, organ transplant rejection, and autoimmune diseases through its diverse development portfolio.

Positive

• Tonix Pharmaceuticals has regained compliance with Nasdaq's minimum bid price requirement, securing its continued listing on The Nasdaq Capital Market.
• Tonix's stock maintained a closing bid price of $1.00 or higher for at least 10 consecutive business days.
• Tonix plans to submit an NDA for Tonmya for fibromyalgia in the second half of 2024.
• Tonix's diverse development portfolio includes treatments for CNS disorders, cocaine intoxication, organ transplant rejection, and autoimmune diseases.

Negative

• None.

CHATHAM, N.J., June 26, 2024 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a fully-integrated biopharmaceutical company, today announced that it has regained compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. On June 26, 2024, Tonix received a letter from The Nasdaq Stock Market LLC stating that because Tonix’s shares had a closing bid price at or above $1.00 per share for a minimum of 10 consecutive business days, Tonix’s stock had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2), and the matter is now closed.

Tonix Pharmaceuticals Holding Corp.^*

Tonix is a fully-integrated biopharmaceutical company focused on developing, licensing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s development portfolio is focused on central nervous system (CNS) disorders. Tonix’s priority is to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for Tonmya^**, a product candidate for which two statistically significant Phase 3 studies have been completed for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction as well as fibromyalgia-type Long COVID. Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase), a biologic designed to treat cocaine intoxication that has Breakthrough Therapy designation. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix also has product candidates in development in the areas of rare disease and infectious disease. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.

*Tonix’s product development candidates are investigational new drugs or biologics and have not been approved for any indication.

**Tonmya™ is conditionally accepted by the U.S. Food and Drug Administration (FDA) as the tradename for TNX-102 SL for the management of fibromyalgia. Tonmya has not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, and periodic reports filed with the SEC on or after the date thereof. All of Tonix's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Investor Contact

Jessica Morris
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Peter Vozzo
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Media Contact

Katie Dodge
LaVoieHealthScience
kdodge@lavoiehealthscience.com
(978) 360-3151

FAQ

What recent compliance update did Tonix Pharmaceuticals (TNXP) announce?

Tonix Pharmaceuticals announced it has regained compliance with Nasdaq's minimum bid price requirement, ensuring its continued listing on The Nasdaq Capital Market.

When did Tonix Pharmaceuticals (TNXP) regain Nasdaq compliance?

Tonix Pharmaceuticals regained Nasdaq compliance on June 26, 2024.

What is the significance of Tonix Pharmaceuticals (TNXP) maintaining a bid price of $1.00?

Maintaining a bid price of $1.00 for at least 10 consecutive business days allowed Tonix Pharmaceuticals to regain compliance with Nasdaq's listing requirements.

What are Tonix Pharmaceuticals' (TNXP) plans for Tonmya?

Tonix plans to submit a New Drug Application (NDA) for Tonmya, a fibromyalgia treatment, in the second half of 2024.

What therapeutic areas is Tonix Pharmaceuticals (TNXP) focusing on?

Tonix Pharmaceuticals is focusing on CNS disorders, cocaine intoxication, organ transplant rejection, and autoimmune diseases.