Tonix raises $144M in a direct offering following positive PhIII data for its fibromyalgia drug

Tonix Phar­ma­ceu­ti­cals said it’s rais­ing $144 mil­lion in a di­rect of­fer­ing that in­cludes $30 mil­lion up­front on the same day that it re­leased da­ta from a Phase III study show­ing its fi­bromyal­gia drug met the pri­ma­ry end­point.

The bio­phar­ma is is­su­ing about 54 mil­lion shares of its com­mon stock and Se­ries C and D reg­is­tered war­rants to pur­chase an ag­gre­gate of 162.1 mil­lion shares of com­mon stock. It plans to use the funds raised to pre­pare the NDA for its fi­bromyal­gia drug in the sec­ond half of 2024.

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