Full Press Release Details
Tonix Pharmaceuticals Holding Corp. 8-K
Tonix Pharmaceuticals Announces Share Repurchase
NEW YORK, March 1, 2019 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals
Holding Corp. (Nasdaq: TNXP) (Tonix or the Company) today announced that its Board of Directors has approved a share repurchase
program pursuant to which the Company may repurchase up to $2 million in value of its outstanding common stock, par value, $0.001
per share, from time to time on the open market and in privately negotiated transactions subject to market conditions, share price
and other factors (the "Share Repurchase Program"). The Company intends to fund the Share Repurchase Program with available
The timing and amount of any shares repurchased will be determined
based on the Company's evaluation of market conditions and other factors and the program may be discontinued or suspended
at any time. Repurchases will be made in accordance with the rules and regulations promulgated by the Securities and Exchange Commission
and certain other legal requirements to which the Company may be subject. Repurchases may be made, in part, under a Rule 10b5-1
plan, which allows stock repurchases when the Company might otherwise be precluded from doing so.
Seth Lederman, M.D., President and Chief Executive Officer of Tonix
commented, "This share repurchase program reflects our continued confidence in the Company and our focus on creating greater
value for our shareholders and stakeholders. The Board of Directors and the management team believe that the Company's shares
represent an attractive investment opportunity."
About Tonix Pharmaceuticals Holding Corp.
Tonix 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's lead program is for the development of Tonmya *,
which is in Phase 3 development 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. Phase 1 clinical study of TNX-601
in healthy volunteers will be conducted outside of the U.S. in 2019. 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.
*Tonmya 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 indication.
This press release and further information about Tonix can be found
Forward Looking Statements
Certain 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.
Jessica Morris (corporate)
Tonix Pharmaceuticals
Scott Stachowiak (media)
Peter Vozzo (investors)