Positive news with regards to a cancer medicine almost always sends the stock of a pharmaceutical company higher, and that is what happened with TNXP stock in Tuesday’s trading session.
Tonix Pharmaceuticals Holding Corp (NASDAQ:TNXP) announced that its product TNX-1700, which is meant for the treatment of pancreatic and gastric cancers, has managed to acquire an in-licensing deal with the venerated Columbia University. It goes without saying that it is a significant development and the market thought so as well.
The medicine in question is being referred to as a recombinant trefoil factor 2 (rTFF2) protein, and it has proven to be effective in tumor growth thus far. That being said, it is important to point out that the exact financial details of the in-licensing deal have not yet been revealed by either party.
The Chief Executive Officer and President of Tonix Pharmaceuticals Holding, Seth Lederman, spoke about the potential of the medicine and the tests in the press release: “These studies have led to fundamental insights on the role of TFF2 at regulating this process and potentially using rTFF2 to make cancer cells susceptible to checkpoint inhibitors.”
TNXP stock rose by 10% at $0.53, and Tonix has definitely become one of the stocks to watch this week.
This could help to hasten the development of the medicine faster than what had been originally envisaged by the company, and acceleration in the timeline is definitely a major boost for any investor. Over the years, Tonix Pharmaceuticals has made its name as a clinical-stage biopharmaceutical company of some repute, and this is one of its most important projects so far. Over the years, it has come up with its fair share of products, and recently, its PTSD medicine Tonmya got conditional acceptance from the United States Food and Drug Administration. That is also a significant development in the company’s stride towards growing its business.
Despite this, TNXP stock is one of the biggest losers in the biotech sector in 2019, falling as much as 80% YTD.
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