Tonix Pharmaceuticals Announces Registered Direct Offering Of Up To $144M; $30M Financing Upfront With Up To An Additional $114M Tied To The Exercise Of Warrants
Portfolio Pulse from Benzinga Newsdesk
Tonix Pharmaceuticals Holding Corp. (TNXP) has announced a registered direct offering with healthcare-focused institutional investors to raise up to $144 million. The deal includes $30 million in initial funding and up to $114 million from warrant exercises. The offering involves issuing shares and warrants, with Series C and D warrants exercisable at $0.555 and $0.85 per share, respectively. The proceeds will fund the new drug application for TNX-102 SL for fibromyalgia, working capital, and general corporate purposes. The offering is expected to close on December 22, 2023, with A.G.P./Alliance Global Partners as the placement agent.
December 20, 2023 | 3:36 pm
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Tonix Pharmaceuticals is raising up to $144 million through a direct offering, which will provide immediate funding and additional capital through warrant exercises. This will support their new drug application and general corporate needs.
The news of the capital raise is likely to be viewed positively as it secures necessary funding for Tonix's operations and drug development, which could lead to future growth. However, the issuance of additional shares may dilute existing shareholders, potentially offsetting some of the positive sentiment in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100