Tonix Pharmaceuticals Reports Fourth

Tonix Pharmaceuticals Reports Fourth

Quarter and Full Year 2016 Financial Results and Provides Programs Update

First Participant Enrolled in Phase 3

HONOR Study of TNX-102 SL in Military-Related PTSD in 1Q2017

TNX-102 SL Designated a Breakthrough

Therapy for PTSD by the U.S. FDA in 4Q2016

NEW YORK, April 17, 2017 (GLOBE NEWSWIRE)

- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) (Tonix), a company that is developing innovative pharmaceutical products

to address public health challenges, announced financial results for the fourth quarter and full year ended December 31, 2016.

Seth Lederman, M.D., president and chief

executive officer of Tonix, stated, "Tonix achieved significant momentum in the last quarter of 2016, which has carried over

into 2017. Tonix is focused on pioneering a differentiated approach for the treatment of posttraumatic stress disorder (PTSD),

through improving sleep quality. TNX-102 SL*, having shown potential advantages over existing treatments for this disorder, received

Breakthrough Therapy designation from the United States Food and Drug Administration (FDA) in December 2016."

"In the first quarter of 2017, the

FDA accepted the protocol design for our Phase 3 HONOR study to support the registration of TNX-102 SL for PTSD." Dr. Lederman

continued, "As we planned, the study was initiated in March and is on track to have an unblinded interim analysis (IA) by

an independent data monitoring committee in the first half of 2018. If the IA results require continued enrollment, topline results

from the full 550-participant trial are expected to be available in the second half of 2018. With successful capital raising

activities completed in 2017, Tonix is fully funded through the completion of, and announcement of the topline results, from the

At December 31, 2016, Tonix had cash, cash

equivalents, and marketable securities of $26.1 million. Since January 1, 2017, Tonix has raised approximately $9.1 million in

net proceeds through an at-the-market offering and approximately $8.3 million of net proceeds from the sale of common stock in

an underwritten public offering. Approximately 7.5 million shares were outstanding as of April 13, 2017.

TNX-102 SL 5.6 mg, for PTSD

TNX-801 (Live Virus Vaccine) for Smallpox

TNX-601 (tianeptine oxalate) for PTSD

Fourth Quarter and Full Year Financial

Tonix reported a net loss of $7.5 million,

or $2.08 per share, for the fourth quarter of 2016, compared to a net loss of $13.4 million, or $7.96 per share, for the fourth

quarter of 2015. The net loss for the three months ended December 31, 2016, excluding non-cash expenditures of $1.1 million, was

$6.4 million, as compared to a net loss of $12.3 million, excluding non-cash expenditures of $1.1 million, for the three months

ended December 31, 2015. The reduced net loss was primarily due to decreased research and development expenses for clinical studies

and related research, as well as lower general and administrative expenses needed to support these and other corporate development

Tonix reported a net loss of $38.8 million,

or $15.41 per share, for the year ended December 31, 2016, compared to a net loss of $48.1 million, or $28.62 per share, for the

year ended December 31, 2015. The net loss for the year ended December 31, 2016, excluding non-cash expenditures of $3.6 million,

was $35.2 million, as compared to a net loss of $43.5 million, excluding non-cash expenditures of $4.6 million, for the year ended

December 31, 2015. The reduced net loss was primarily due to decreased research and development expenses for clinical studies and

related research, as well as lower general and administrative expenses needed to support these and other corporate development

Cash used in operations was $37.3 million

for the year ended December 31, 2016, as compared to $42.5 million for the year ended December 31, 2015. At December 31, 2016,

Tonix's cash, cash equivalents and marketable securities totaled $26.1 million, compared to $43.0 million at December 31,

2015. Management believes that existing cash and marketable securities are sufficient to fund Tonix's operating expenses

and planned clinical trial through at least the next 12 months.

*TNX-102 SL (cyclobenzaprine HCl sublingual

tablets) is an investigational new drug and has not been approved for any indication.

About Posttraumautic Stress Disorder

PTSD can develop from witnessing or experiencing

a traumatic event in which there was the severe threat of, or actual occurrence of, grave physical harm or death. PTSD affects

approximately 8.6 million Americans and is a chronic and severely debilitating condition in which patients re-experience the horrific

traumas that resulted in the condition in the forms of intrusive memories, flashbacks, and nightmares. PTSD typically is characterized

by disrupted sleep, anxiety, agitation, avoidance, emotional numbness and estrangement from family and friends, guilt or negative

beliefs about self, and sometimes is associated with clinical depression and suicidal thinking. Individuals who suffer from PTSD

usually have significant impairment in social functioning, occupational disability, and an overall poor quality of

life. PTSD is sometimes associated with substance abuse and unpredictable violent or suicidal behaviors. It is estimated

that more than 19 percent of the 1.9 million U.S. veterans who were deployed to the recent conflicts in Iraq and Afghanistan suffer

About Tonix Pharmaceuticals Holding

Tonix is developing innovative pharmaceutical

products to address public health challenges. TNX-102 SL is in Phase 3 development and has been granted Breakthrough Therapy designation

by the FDA for the treatment of PTSD. PTSD is a serious condition characterized by chronic disability, inadequate treatment options

especially for military-related PTSD, and an overall high utilization of healthcare services that contributes to significant economic

burdens. The Protectic protective eutectic and Angstro-Technology formulation are essential elements of the proprietary

TNX-102 SL composition for which a Notice of Allowance has been issued by the U.S. Patent and Trademark Office. Other development

efforts include TNX-801, a potential smallpox-preventing vaccine based on a live synthetic version of horsepox virus and TNX-601

(tianeptine oxalate), a clinical candidate at Pre-IND (Investigational New Drug) application stage, designed for daytime use for

the treatment of PTSD.

This press release and further information

about Tonix can be found at www.tonixpharma.com.

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, substantial competition; 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 risks related to failure to obtain

FDA clearances or approvals and noncompliance with FDA regulations. 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, 2016, as filed with the Securities and Exchange Commission (the "SEC") on April 13,

2017, and future periodic reports filed with the SEC on or after the date hereof. 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

TONIX PHARMACEUTICALS HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts) (1)

TONIX PHARMACEUTICALS HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

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