Shares of Tonix Pharmaceuticals Holding Corp (Nasdaq:TNXP) jumped Friday in the wake of the clinical-stage biopharma company winning a new European patent that protects the use of its drug candidate TNX-601 for treating neurocognitive dysfunction linked to corticosteroid treatment.
The patent, which protects this new oral formulation of the antidepressant tianeptine, is set to last until April 2029.
“The grant of this European method of use patent is another step in expanding the patent portfolio for TNX-601,” said Dr. Seth Lederman, CEO of Tonix. “Tianeptine oxalate, or TNX-601, is an important product in our pipeline and is being developed not only for steroid-induced neurocognitive impairment, but also as a daytime treatment for post-traumatic stress disorder.”
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Pleased by the news, investors sent Tonix shares up 36.5% to $2.92 in midday trade Friday.
TNX-601, or tianeptine oxalate and other salts, is still in the preclinical stage of development.
The side effects from corticosteroid use, which TNX-601 aims to address, include impaired ability to concentrate, unclear thinking, sedation and mental fatigue.
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New York-based Tonix’s new salt and polymorph of tianeptine may provide improved stability and consistency compared to standard forms of tianeptine.
At the moment, there is no tianeptine-containing product approved in the US, though tianeptine sodium has been available in Europe, Asia and Latin America for the treatment of depression since 1987.
Tonix focuses on discovering and developing pharmaceutical products to treat neuropsychiatric conditions and biological products to improve biodefense. Its lead program is for Tonyma, which is in Phase 3 trials as a treatment for post-traumatic stress disorder. It’s also developing TNX-102 SL, the same drug product as Tonmya as a treatment for agitation in Alzheimer’s disease as well as TNX-801, a potential smallpox-preventing vaccine.
Contact Ellen Kelleher at ellen@proactiveinvestors.com