This Biopharma Stock Is Trading 23% Higher In Pre-Market After Wrapping Up $4M Public Offering

Tonix Pharmaceuticals Holding Corp. TNXP announced the successful completion of its public offering. Following the announcement, the biopharmaceutical company’s shares soared, trading 22.94% higher in the pre-market on Friday.

What Happened: The public offering included 1,199,448 shares of common stock and pre-funded warrants to purchase up to 2,568,110 shares of common stock. The shares and warrants were priced at $1.065 and $1.064 respectively, with the warrants having an exercise price of $0.001 per share.

At the time of writing, it was trading at $1.34, according to Benzinga Pro.

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The gross proceeds from the offering amounted to $4 million, before deducting placement agent fees and other estimated offering expenses. Tonix Pharmaceuticals plans to use the net proceeds for working capital and general corporate purposes, including the preparation of the new drug application for its Tonmya product candidate in patients with fibromyalgia, and to pay off a portion of its existing debt.

Dawson James Securities, Inc. served as the sole placement agent for the offering. Legal representation was provided by Lowenstein Sandler, New York, NY for the company, and ArentFox Schiff LLP, Washington, DC for the placement agent.

The offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-266982) previously filed with the U.S. Securities and Exchange Commission (the "SEC").

U.S. stocks settled mixed on Thursday, with the S&P 500 recording a fourth consecutive closing record. On the economic data front, U.S. producer prices fell by 0.2% month-over-month in May versus market estimates of a 0.1% gain following a 0.5% increase in April. U.S. initial jobless claims rose by 13,000 to 242,000 in the week ending June 8, compared to market estimates of 225,000.

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Image via Shutterstock

This story was generated using Benzinga Neuro and edited by Pooja Rajkumari

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