Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) has initiated a share repurchase program, as announced today. The Board of Directors has authorized the repurchase of up to $10 million of its outstanding common stock. This decision reflects the company's intention to manage its capital and deliver value to its shareholders.
The repurchase program will be conducted on the open market or through privately negotiated transactions, with the timing and volume of buybacks depending on market conditions, stock price, and other factors. Tonix Pharmaceuticals plans to finance the repurchases using its available cash reserves.
The program is designed to be flexible, allowing the company to adjust the scale of repurchases in response to changing market dynamics and other relevant considerations. The buybacks may also be executed under a Rule 10b5-1 plan, which permits the company to repurchase shares at times when it might typically be prevented from doing so due to insider trading laws or self-imposed trading blackout periods.
The company's move to buy back shares comes as part of its broader strategy to strengthen its financial position and focus on its core business operations. Tonix Pharmaceuticals, incorporated in Nevada with headquarters in Chatham, New Jersey, specializes in pharmaceutical preparations, a field that is highly competitive and research-intensive.
In other recent news, Tonix Pharmaceuticals has expanded its maximum aggregate offering price from $50 million to $150 million under an existing Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP). This development triples the potential financial influx from the equity market, providing a more robust financial framework for the company's ongoing operations and development activities.
On the research front, Tonix has achieved positive results from its Phase 3 RESILIENT study of TNX-102 SL for the treatment of fibromyalgia. The company has also initiated a Phase 2 trial to assess the efficacy of TNX-102 SL for reducing the severity of acute stress reaction and the frequency of acute stress disorder and posttraumatic stress disorder.
In collaboration with Netherlands-based Bilthoven Biologicals, Tonix has advanced TNX-801, a vaccine candidate for mpox, following the World Health Organization's declaration of the mpox outbreak in African countries as a public health emergency. Additionally, the company has launched a Phase 2 trial for TNX-1300, a potential treatment for acute cocaine intoxication.
Financially, Tonix announced a public offering of approximately 7.1 million shares, expected to raise $4 million before deducting fees and expenses. Analyst firm Noble Capital has maintained an Outperform rating on Tonix's stock, albeit with a lowered target to $1.50 from the previous $10.00. These are the latest developments at Tonix Pharmaceuticals.
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