Tonix Pharmaceuticals (OTCBB: TNXP) develops new treatments for challenging disorders of the central nervous system (CNS). The Company’s lead programs are potential new treatments for fibromyalgia and post-traumatic stress disorder, which are chronic CNS syndromes. In each of these programs, TONIX seeks to use new doses and formulations of cyclobenzaprine in new treatment regimens. Cyclobenzaprine is the active ingredient of two prescription muscle relaxants that have been approved by the U.S. Food and Drug Administration (FDA) and are marketed by other companies.
A recent post on Quality Stocks blog described the company as "one to watch." The post includes an overview of the company and its products, and focuses on Tonix's strategy of reformulating "approved pharmaceutical active ingredients to design products with optimal safety, efficacy, and predictability."
The post also includes an overview of Tonix's recent financial activity:
"Last week, Tonix Pharmaceuticals received net proceeds of approximately $2.0 million in a private placement offering to institutional and accredited investors. This closing, together with the closing of a prior tranche of the private placement of $4.3 million in January 2012, constitutes the final closing of a $6.6 million private placement.
Total net proceeds were $5.9 million. In connection with the closing of this tranche, Tonix issued approximately 93 units, each consisting of 25,000 shares of common stock, Class A warrants to purchase 25,000 shares of common stock, and Class B warrants to receive up to 25,000 shares of common stock. The Company’s intention is to use the net proceeds from the Offering to fund the development of their FM, PTSD, and other programs, as well as for general working capital."