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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