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Tonix Pharmaceuticals Inc. (TNXP) stock rises in the current market trading. Why is it so?

Tonix Pharmaceuticals Inc. (TNXP) stock surged by 7.65% at the current trading. Tonix is a clinical-stage biopharmaceutical corporation dedicated to researching, licensing, purchasing, and improving small molecules and biologics to cure, avoid, and mitigate human disease. Tonix’s pipeline is largely made up of product applicants for the central nervous system (CNS) and immunology.

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What is happening?

Today, TNXP and OyaGen, a pre-clinical biotechnology development firm, reported an exclusive worldwide licensing arrangement for TNX-3500 (sangivamycin, formerly OYA1), a SARS-CoV-2 antiviral inhibitor, for the therapy of COVID-19 and possibly other viral disorders. The active ingredient in TNX-3500 has been tested for protection in humans in previous trials on cancer patients at the National Cancer Institute in the United States, but it has yet to be licensed for commercialization in any jurisdiction.

Tonix has been given exclusive licensing from OyaGen for technology and patents relating to TNX-3500 and other related compounds under the terms of the deal. Tonix will perform further research to confirm the safety and efficacy of TNX-3500 in the treatment of COVID-19, as required by regulatory approval.

OyaGen is a Rochester, New York-based biotechnology firm that is privately owned. OyaGen is dedicated to the discovery and initial development of new therapeutics for the cure of infectious diseases such as HIV, coronavirus, and Ebola virus.

Official Statement

Seth Lederman, Tonix’s President, and Chief Executive Officer said that they’re excited to add TNX-3500 to their pipeline as a possible therapy for COVID-19 and new variants. TNX-3500 is now in the pre-Investigational New Drug stage of production, with promising early results from SARS-CoV-2 cell culture infectivity trials. TNXP concludes that TNX-3500’s efficacy in inhibiting SARS-CoV-2 in tissue culture, as well as its tolerability in humans, mean that it could be eligible for accelerated clinical growth.

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