Seth Lederman, Tonix Pharmaceuticals CEO

Tonix scraps Covid-19 li­cens­ing deal af­ter just three months — shares spike

Pen­ny stock biotech Tonix Phar­ma­ceu­ti­cals re­port­ed in an SEC fil­ing Mon­day that it was end­ing a li­cens­ing deal with New York in­fec­tious dis­ease and on­col­o­gy start­up Oy­a­Gen. Tonix was slat­ed to in-li­cense Oy­a­Gen’s SARS-CoV-2 in­hibitor can­di­date san­gi­vamycin in a deal an­nounced in April.

The move re­sult­ed in Tonix’s stock price $TNXP jump­ing 45%, end­ing the day at $1.73 a share.

Oy­a­Gen had giv­en Tonix the op­tion to ac­quire the rights for any­thing com­ing out of its plat­form “for the pre­ven­tion or treat­ment of Covid-19 de­vel­oped by Oy­a­Gen dur­ing the term of the Li­cense Agree­ment,” ac­cord­ing to the fil­ing. It al­so states:

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