After announcing news surrounding a European patent late yesterday, Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) is flying in the market this morning. The patent protects TNX-601, a key treatment that the company has under development.
So, the gains that we’re seeing in the market this morning come as no surprise. Today, we’ll talk about:
- The patent news;
- what we’re seeing from TNXP stock as a result; and
- what we’ll be watching for ahead.
TNXP Announces Patent News
As mentioned above, Tonix Pharmaceuticals is having a great day in the market today after announcing that it has received a new European patent. The news came by way of press release late after hours yesterday.
In the release, the company said that the European Patent Office (EPO) has granted it Patent No. 3246931. That patent was granted on February 27, 2019.
The patent is titled “Method for Treating Neurodegenerative Dysfunction” and surrounds the use of TNX-601, or tianeptine oxalate and other salts, for the treatment of neurocognitive dysfunction associated with corticosteroid treatment.
As a result of the patent, TNXP will enjoy market exclusivity until April 2029. This adds to the strong patent protection that the company has across the United States, Canada and Europe.
In a statement, Seth Lederman, M.D., President and CEO at TNXP, had the following to offer:
The grant of this European method of use patent is another step in expanding the patent portfolio for TNX-601. Tianeptine oxalate, or TNX-601, is an important product in our pipeline and is being developed not only for steroid-induced neurocognitive impairment, but also as a daytime treatment for posttraumatic stress disorder. We are conducting a non-IND human pharmacokinetic study of a proprietary tianeptine oxalate formulation and expect to have data in the second half of this year.
The above statement was followed up by Dr. Gregory Sullivan, CMO at TNXP. Here’s what he had to say:
Side effects from corticosteroid use include impaired ability to concentrate, unclear thinking, sedation, and mental fatigue. We believe tianeptine aids in improving cognition in steroid-treated patients.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves in the market. In the case of Tonix Pharmaceuticals, the news proved to be overwhelmingly positive.
While the company continues to push TNX-601 through development, it is also working to ensure exclusivity and strong IP protection once approved. So, it comes as no surprise to see that excited investors are pushing the stock on a run for the top.
As is just about always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:39), TNXP is trading at $3.16 per share after a gain of $1.02 per share or 47.66% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on TNXP. In particular, we’re interested in following the story surrounding the company’s continued work to bring TNX-601 through development and to the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!