Shares of Tonix Pharmaceuticals (NASDAQ:TNXP) tanked more than 35% on Tuesday after the company announced topline results of the proof-of-concept clinical study of TNX-201 missed its primary efficacy endpoint for headache drug.
The phase 2 trial for TNX-201 (dexisometheptene mucate) in episodic tension-type headache (ETTH) determined that the study did not achieve its primary efficacy endpoint of participants achieving headache pain-free status at two hours after dosing.
The study also did not achieve two other primary endpoints, which were the proportion of participants with at least a 70% reduction in pain from baseline on the Visual Analog Scale (VAS) at two hours after dosing, and an increase of the mean change from baseline to two hours post-dose in the VAS score.
Shares in Tonix were unforgiving, and last seen down 35% at US$2.63. Earlier, the shares hit a day low of US$2.48, representing a 38% decline since the Friday close, and at their lowest since early 2013 . US bourses were closed on Monday on account of a public holiday.