Tonix Pharmaceuticals Holding Corp TNXP shares are trading lower by 30.8% to $0.41 during Wednesday's session after the company announced it is securing up to $144 million in funding through a registered direct offering with healthcare-focused institutional investors.
The company earlier Wednesday also announced statistically significant and clinically meaningful topline results in their second phase 3 clinical trial of TNX-102 SL for the management of fibromyalgia.
What Happened?
This offering involves the issuance of shares of common stock and registered warrants at $0.555 per share, with additional warrants exercisable at different prices based on specific conditions.
The funds will support the preparation of a new drug application for TNX-102 SL in fibromyalgia patients, alongside covering general corporate needs.
The offering is set to close on December 22, pending standard closing conditions, with A.G.P./Alliance Global Partners serving as the sole placement agent.
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According to data from Benzinga Pro, TNXP has a 52-week high of $9.81 and a 52-week low of $0.37.
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