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Tonix Pharmaceuticals Reports Fourth Quarter And Full Year 2013 Financial Results

Stocks in this article: TNXP

NEW YORK, March 31, 2014 (GLOBE NEWSWIRE) -- Tonix Pharmaceuticals Holding Corp. (Nasdaq:TNXP) today announced financial results for the fourth quarter and full year ended December 31, 2013.

"In the fourth quarter, Tonix continued to make steady progress in the BESTFIT trial of TNX-102 SL in fibromyalgia, and we began an open-label extension study of trial completers. As recruitment has proceeded ahead of our projections, we plan to stop enrollment at approximately 200 subjects, which is the upper end of the original sample size. We anticipate reporting top-line results of BESTFIT in the fourth quarter of this year," said Seth Lederman, M.D., president and chief executive officer of Tonix.  "On March 26, 2014, the United States Food and Drug Administration (FDA) held a public meeting on Patient-Focused Drug Development for fibromyalgia. FDA's decision to hold this meeting, and the robust patient response to it, further validate our belief that fibromyalgia is a significant and growing medical concern among the U.S. population."

Tonix raised more than $40 million in net proceeds in a secondary offering in January 2014 and has received approximately $5 million in proceeds from warrant exercises in 2014. "We expect our cash position will enable us to begin a clinical trial of TNX-102 SL in post-traumatic stress disorder in the third quarter. In addition, we plan to begin a clinical pharmacology study of TNX-201, which is under development to treat tension-type headache, in the fourth quarter," concluded Dr. Lederman.

Fourth Quarter and Full Year Financial Results

Tonix reported a net loss of $3.7 million, or $0.74 per share, for the fourth quarter of 2013 compared to a net loss of $2.6 million, or $1.49 per share, for the fourth quarter of 2012. For the year ended December 31, 2013, Tonix reported a net loss of $10.9 million, or $3.37 per share, compared to a net loss of $9.5 million, or $5.58 per share, for the comparable period of 2012. At December 31, 2013, Tonix's cash totaled $8.2 million compared to $1.8 million at December 31, 2012.

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