Can Tonix Regain Its Former Glory With New Neurodegenerative Dysfunction Drug?
Tonix Pharma shares spiked on Friday after the firm announced that it received a patent from the European Patent Office for its “Method for Treating Neurodegenerative Dysfunction.”
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Tonix Pharma Holding Corp. (NASDAQ: TNXP) shares spiked on Friday after the firm announced that it received a patent from the European Patent Office (EPO) for its “Method for Treating Neurodegenerative Dysfunction.”
This patent is in regards to Tonix’s drug TNX-601, or tianeptine oxalate and other salts, for treating neurocognitive dysfunction associated with corticosteroid treatment. The patent is expected to provide market exclusivity until April 2029. Patents for the use of TNX-601, its structural analogs and salts have previously been issued in the United States, Canada and Europe.
This patent is a much needed boost to the stock, which was down about 2.7% year to date, excluding Friday’s move. Note that this was a $7 stock a few years ago. After a move like this, Tonix could be looking to reclaim its former glory.
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Seth Lederman, M.D., president and CEO of Tonix, commented:
The grant of this European method of use patent is another step in expanding the patent portfolio for TNX-601,” “Tianeptine oxalate, or TNX-601, is an important product in our pipeline and is being developed not only for steroid-induced neurocognitive impairment, but also as a daytime treatment for posttraumatic stress disorder. We are conducting a non-IND human pharmacokinetic study of a proprietary tianeptine oxalate formulation and expect to have data in the second half of this year.
Shares of Tonix Pharma were last seen up more than 39% at $2.98, with a 52-week range of $0.36 to $9.60.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
