Tonix Pharmaceuticals stock rises following a General Services Administration deal for its potential PTSD treatment.
Tonix Pharmaceuticals (TNXP) shares climbed after the company announced a General Services Administration (GSA) Federal Supply Schedule contract. The deal covers TNX-102 SL, a sublingual tablet under investigation for post-traumatic stress disorder (PTSD) treatment in adults.
The contract allows US government agencies to purchase TNX-102 SL directly from Tonix. The company had previously reported positive Phase 3 trial results for the drug, which remains under FDA review. No financial terms of the GSA deal were disclosed.
Tonix stock rose over 15% in premarket trading following the announcement, reflecting investor optimism about potential government adoption of the therapy.