Tonix Pharmaceuticals (TNXP) takes advantage of the recent moonshot in its stock, selling nearly 3M shares in a secondary priced at $15 each. The underwriters retain an option to buy another 434.8K shares. Assuming no exercise of the greenshoe option, Tonix expects net proceeds of about $40.7M.
Apparently already with enough cash to see through to the end of the Phase 2b/3 trial for TNX-102 SL for fibromyalgia, the new funds will be used to initiate a trial of the drug for PTSD, and start trials for TNX-201 for tension-type headache.
Shares off 4% premarket to $15.75