Tonix's de­pres­sion fail; Lil­ly ex­er­cis­es op­tion in Sit­ryx deal; Mil­ner stops fight against Ab­cam ac­qui­si­tion

Tonix drops de­pres­sion drug af­ter PhII fail­ure: Tonix Phar­ma­ceu­ti­cals is dis­con­tin­u­ing its ma­jor de­pres­sive dis­or­der pro­gram, TNX-601 ER, af­ter a mid-stage dis­ap­point­ment. The oral for­mu­la­tion of tianep­tine missed sta­tis­ti­cal sig­nif­i­cance for the pri­ma­ry end­point of change from base­line in de­pres­sion sever­i­ty, which is mea­sured us­ing the Mont­gomery-Ås­berg De­pres­sion Rat­ing Scale. The com­pa­ny’s share price $TNXP plum­met­ed about 17% to $0.48 on Wednes­day af­ter the news was an­nounced. — Ay­isha Shar­ma

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