Tonix Pharmaceuticals Walks Out From COVID-19 Antiviral Pact

Tonix Pharmaceuticals Holding Corp TNXP intends to terminate the exclusive License Agreement with OyaGen Inc related to an antiviral inhibitor of SARS-CoV-2, sangivamycin (TNX-3500).
The company reassessed its long-term commitments and concluded that it was in its best interest to terminate the License Agreement and return the development and commercialization rights to sangivamycin to OyaGen.
In April 2021, the OyaGen granted Tonix an exclusive license, with the right to sublicense certain patents and technical information related to sangivamycin and to develop and commercialize products thereunder, including the Company’s TNX-3500 (sangivamycin) product candidate.
OyaGen also granted Tonix the option to acquire rights to any technology based on the Technology for the prevention or treatment of Covid-19 developed by OyaGen.
The company notified OyaGen of its intent to terminate the License Agreement on July 22, 2022, effective September 20.
Price Action: TNXP shares are up 8.40% at $1.29 during the market session on the last check Monday.