Why Tonix Pharmaceuticals Stock Is Soaring

Tonix Pharmaceuticals Holding Corp TNXP shares are trading higher Wednesday after the company announced that the United States Patent and Trademark Office issued a patent to Tonix titled, "Synthetic Chimeric Poxviruses."

The patent includes claims covering synthetic horsepox virus, the basis for the company's TNX-8011 vaccine in development to protect against monkeypox and smallpox and for the company's Recombinant Pox Virus platform to protect against other pathogens, including SARS-CoV-2.

"This patent is an important milestone in protecting our expanding pipeline of vaccines that address known and potentially novel pathogens," said Seth Lederman, CEO of Tonix.

The "Synthetic Chimeric Poxviruses" patent is expected to provide Tonix with U.S. market exclusivity until 2037.

After the market closed on Tuesday, Tonix also announced a $12.5 million share repurchase program. 

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering.

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TNXP Price Action: Tonix shares are making new 52-week highs on Wednesday.

The stock was up 39.3% at $3.38 at press time, according to data from Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.