In the seemingly endless battle against the novel coronavirus, all players are welcome. Pharma companies all over the world are trying their hands at a vaccine, and countless others are developing testing kits and treatments. Tonix Pharmaceuticals (NASDAQ:TNXP) is making news this morning as a Covid-19 fighter, and TNXP stock is up as a result.
Tonix is a New Jersey-based pharma company that specializes in developing therapies for patients with chronic conditions. Major developments by the company include compounds treating conditions like fibromyalgia, migraines and various psychiatric disorders.
Now, the company is breaking out of its norm. What does that mean? Tonix is seeking to treat symptoms associated with the coronavirus.
TNXP Stock Gaining as Tonix Licenses New Covid Treatment
TNXP stock is impressing investors today. The play is gaining momentum after a press release announcing the company’s new worldwide licensing agreement with biotech company OyaGen. The companies have come together on a licensing agreement for the TNX-3500 antiviral inhibitor.
TNX-3500 is an antiviral inhibitor that has been studied by OyaGen in collaboration with the National Institutes of Health. OyaGen has been very positive on TNX-3500 as a treatment for the coronavirus. The biotech company has reported that TNX-3500 shows promise of inhibiting the replication of the SARS-CoV-2 virus. The treatment is reported to be 65 times more potent than that of remdesivir, another coronavirus treatment.
The partnership comes at a time when OyaGen looks to commercialize the TNX-3500 treatment. OyaGen founder Harold Smith says that he believes Tonix to be “ideally capable to bring this program to the clinic and position it for worldwide commercialization.”
Through the partnership agreement, Tonix is obtaining the patents to TNX-3500, and will conduct more studies on the compound before commercialization. After the press release, investors are looking satisfied with the shape of TNXP stock. The option has gained over 12% at the onset of trading Monday morning, with shares changing hands at $1.08.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.