Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) is having a strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced that it has received a patent that protects an experimental drug. Of course, the news excited investors who are sending the stock on a run for the top. Today, we’ll talk about:
- The patent news;
- what we’re seeing from TNXP as a result; and
- what we’ll be watching for ahead.
TNXP Announces US Patent Award
As mentioned above, Tonix Pharmaceuticals is having a strong start to the day after announcing that it has been awarded a new patent. In a press release issued early this morning, the company said that it has received U.S. Patent No. 10,117,936. The patent, titled “Eutectic Formulations of Cyclobenzaprine Hydrochloride and Amitriptyline Hydrochloride” will protect the company’s IP until 2034.
The patent relates to the formulation, manufacturing and uses of Tonmya, also known as TNX-102 SL. The treatment is being developed for a variety of indications, including but not limited to posttraumatic stress disorder, agitation in Alzheimer’s disease, and fibromyalgia.
In a statement, Seth Lederman, M.D., CEO at TNXP, had the following to offer:
We are committed to building our intellectual property covering the unique properties of Tonmya. These newly issued claims strengthen and expand Tonmya’s overall patent portfolio and provide Tonix with significant intellectual property protection for Tonmya in the U.S.
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 case of TNXP, the news proved to be overwhelmingly positive. After all, investors like investing in companies that have the ability to protect their products from competition. That’s exactly what this patent does. With the protection, it’s not surprising to see that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:49), TNXP is trading at $0.81 per share after a gain of $0.14 per share or 21.26% thus far today.
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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 Tonmya and the continued development of the treatment. After all, not only is the asset receiving further protection, it is showing exceptional results in clinical studies. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!