Tonix Pharmaceuticals nasdaq Tnxp Stock Surges After Successful 0 Million Public Offering

Tonix Pharmaceuticals (NASDAQ: TNXP) Stock Surges After Successful $4.0 Million Public Offering

Tonix Pharmaceuticals (NASDAQ: TNXP) stock jumped during pre-market trading Friday after closing a $4.0 million public offering.

Tonix Pharmaceuticals recently announced the completion of a public offering. The company sold 1,199,448 shares of its common stock and pre-funded warrants for the purchase of up to 2,568,110 additional shares.

Tonix Pharmaceuticals priced the offering at $1.065 per share of common stock and $1.064 per pre-funded warrant. The warrants have an exercise price of $0.001 per share and became exercisable immediately upon issuance. 

The gross proceeds from the offering totaled $4.0 million before deducting placement agent fees and other associated offering expenses. Dawson James Securities, Inc. served as the sole placement agent for the transaction.

Tonix Pharmaceuticals plans to utilize the net proceeds for general corporate purposes, including bolstering working capital, preparing a new drug application for its Tonmya™ product candidate aimed at treating fibromyalgia, and potentially reducing existing indebtedness.

Legal representation for the offering included Lowenstein Sandler LLP in New York, NY, representing Tonix Pharmaceuticals, and ArentFox Schiff LLP in Washington, DC, representing the placement agent.

Tonix Pharmaceuticals (NASDAQ: TNXP) Stock Movement

As of 09:04 a.m. (Eastern Time) Friday, TNXP stock traded at $1.14, marking a 4.58% increase compared to the previous trading session.