Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TONIX PHARMACEUTICALS HOLDIN. We currently have 5 research reports from 1 professional analysts.
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TONIX PHARMACEUTICALS HOLDIN
TONIX PHARMACEUTICALS HOLDIN
Phase II success in military-related PTSD
25 May 16
Tonix reported positive Phase II results for TNX-102 SL (sublingual formulation of cyclobenzaprine) marking the first-ever large multicenter trial for military-related PTSD. The 237-person study compared two dosage levels (2.8mg and 5.6mg) against placebo and found a significant improvement for the 5.6mg dose (p=0.038) in the Clinician-Administered PTSD Scale for DSM-5 (CAPS-5), the primary endpoint for approval.
Fibromyalgia and PTSD data coming up
01 Apr 16
Tonix is developing TNX-102 SL, a sublingual formulation of cyclobenzaprine for two large indications, fibromyalgia and post-traumatic stress disorder (PTSD). The fibromyalgia program is the most advanced and we expect a read out of Phase III data in Q316. Due to previous data and clinical trial design improvements over its Phase IIb BESTFIT trial, we believe Phase III has a high chance of success. Data from a proof-ofconcept Phase II trial in PTSD is expected in Q216, although we view this as very high risk because it is an exceptionally difficult indication.
All systems go for 2016
07 Dec 15
With readouts from three clinical trials expected in 2016, next year will be a critical one for Tonix. First will be data from a Phase II study for TNX-201 (R-isomer of isometheptene) in Q116 for episodic tension-type headache (ETTH), which may offer an effective and non-addictive option. Next will be data from a Phase II trial for TNX-102 SL in H116 for post-traumatic stress disorder (PTSD), where current medications have spotty efficacy. Finally, the Phase III for Tonmya (TNX-102 SL) in fibromyalgia should read out in H216, which we suggest has a high chance of success.
Additional data support mechanism of action
24 Nov 15
Data from the Phase IIb BESTFIT trial reported at the American College of Rheumatology (ACR) conference support the idea that improvements in sleep quality are correlated with improvements in pain. As Tonmya (TNX-102 SL) benefits sleep quality, these data are reassuring and we continue to be confident in the success of the Phase III AFFIRM trial. Data from the AFFIRM trial are expected in Q316.
EULAR data update
23 Jun 15
At the European League Against Rheumatism (EULAR) meeting in Rome on 10-13 June, additional data from the Phase IIb BESTFIT trial with TNX-102 SL in fibromyalgia was presented. The product profile of an efficacious treatment with limited systemic side effects was confirmed. In May, Tonix announced they have launched the Phase III AFFIRM study with data expected in H216.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Panmure Morning Note 05-12-16
05 Dec 16
This week will see Chi-Med present data on both fruquintinib and epitinib at the 17th World Conference on Lung Cancer, concerning two proof-of-concept trials in non-small cell lung cancer (NSCLC). This morning, the poster presentation ‘A Phase I Study of Epitinib To Evaluate Efficacy And Safety In EGFR Mutation Positive (EGFRm+) NSCLC Patients With Brain Metastasis’ is available for investors to view on Chi-Med’s website.