Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) shares are trading lower by 17% to $0.49 Wednesday morning. The company late Tuesday announced the topline results of a Phase 2 study for TNX-601 ER, a treatment for major depressive disorder (MDD).
What Happened?
The study did not show significant clinical or statistical improvement in depression severity, as measured by the Montgomery-Åsberg Depression Rating Scale (MADRS) total score. Consequently, the development of TNX-601 ER is being discontinued.
The company says it is now looking forward to receiving topline results from a Phase 2 study of TNX-1900 for chronic migraine in early December and topline results from a Phase 3 study of TNX-102 SL for fibromyalgia in late December.
Tonix says TNX-601 ER was generally well-tolerated, with only a few adverse events reported in the study.
According to data from Benzinga Pro, TNXP has a 52-week high of $9.81 and a 52-week low of $0.46.
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