Tonix Pharmaceuticals, like all medical companies, strives to help and make life easier for patients by creating effective biologics for the treatment of cancer, immunosuppression, and vaccines against infectious diseases. One example of this is TNX-1800, a vaccine candidate to protect against COVID-19. In addition, it’s engaged in the development of drugs for patients with impaired functioning of the immune system. Its TNXP stock price has been declining over the past 5 days, bringing its weekly loss to nearly 18%. Yesterday’s trading session was closed at $ 0.46 but in the premarket, the worth jumped 30% to $ 0.6 amid encouraging results from the company’s studies.
Tonix Pharmaceuticals reported in vitro studies showing the main ingredient in TNX-3500, sangivamycin, is effective as an antiviral against SARS-CoV-2, which causes COVID-19. This research proves that this drug is much better and more effective compared to Veklury, owned by Gilead Sciences. TNX-3500 is the result of a collaboration between Tonix and OyaGen, which was signed in April this year. The latter company, in partnership with the National Institutes of Health (NIH), discovered the antiviral effect of sangivamycin against Ebola, Lassa, and others.