Full Press Release Details
Pharmaceuticals Announces
YORK, November 27, 2018 (GLOBE NEWSWIRE) - Tonix Pharmaceuticals Holding Corp. (Nasdaq:TNXP) (Tonix), a clinical-stage
biopharmaceutical company focused on developing pharmaceutical products to treat serious neuropsychiatric conditions and biological
products to improve biodefense, announced today that it will effect a 1-for-10 reverse stock split of its outstanding common stock.
This will be effective for trading purposes as of the commencement of trading on Wednesday, November 28, 2018.
reverse stock split was previously approved by the Board of Directors of Tonix in accordance with Nevada law, under which no stockholder
approval is required, and is intended to increase the per share trading price of Tonix's common stock to satisfy the $1.00
minimum bid price requirement for continued listing on The NASDAQ Global Market (Rule 5450(a)(1)). Tonix's common stock
will continue to trade on the NASDAQ Global Market under the symbol "TNXP" and under a new CUSIP number, 890260508.
As a result of the reverse stock split, every ten pre-split shares of common stock outstanding will become one share of common
stock. The reverse stock split will also proportionately reduce the number of shares of authorized common stock from 150 million
to 15 million shares. The reverse split will also apply to common stock issuable upon the exercise of Tonix's outstanding
warrants and stock options.
transfer agent, vStock Transfer LLC, which is also acting as the exchange agent for the reverse split, will provide instructions
to shareholders regarding the process for exchanging share certificates. Any fractional shares of common stock resulting from
the reverse stock split will be rounded up to the nearest whole post-split share and no shareholders will receive cash in lieu
of fractional shares.
Tonix Pharmaceuticals Holding Corp.
is a clinical-stage biopharmaceutical company focused on discovering and developing pharmaceutical products to treat serious neuropsychiatric
conditions and biological products to improve biodefense through potential medical counter-measures. Tonix is developing Tonmya *,
which is in Phase 3 development and has been granted Breakthrough Therapy designation, as a bedtime treatment for PTSD. Tonix
is also developing TNX-102 SL as a bedtime treatment for agitation in Alzheimer's disease under a separate IND to support
a Phase 2, potential pivotal, efficacy study and has been designated a Fast Track development program by the FDA for this indication.
TNX-601 (tianeptine oxalate) is in the pre-IND application stage, also for the treatment of PTSD but by a unique mechanism and
designed for daytime dosing. Tonix's lead biologic candidate, TNX-801, is a potential smallpox-preventing vaccine based
on a live synthetic version of horsepox virus, currently in the pre-IND application stage.
has been conditionally accepted by the U.S. Food and Drug Administration (FDA) as the proposed trade name for TNX-102 SL (cyclobenzaprine
HCl sublingual tablets) for the treatment of PTSD. TNX-102 SL is an investigational new drug and has not been approved for any
press release and further information about Tonix can be found at www.tonixpharma.com.
statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements may be identified by the use of forward-looking words such as "anticipate," "believe,"
"forecast," "estimate," "expect," and "intend," among others. These forward-looking
statements are based on Tonix's current expectations and actual results could differ materially. There are a number of factors
that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include,
but are not limited to, risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations;
our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party
payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition.
As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization
of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read
the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities
and Exchange Commission (the "SEC") on March 9, 2018, and periodic reports filed with the SEC on or after the date
thereof. All of Tonix's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The information set forth herein speaks only as of the date thereof.