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.
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.