Why Is Tonix Pharmaceuticals (TNXP) Stock Down 33% Today?

Tonix Pharmaceuticals doesn't have the finer details of this offering ready just yet. That means we don't know how many shares it includes, what they will be priced at or how much it expects in gross proceeds. To be more specific, Tonix Pharmaceuticals wants to use the money to prepare a new drug application for its Tonmya product candidate to treat fibromyalgia. It could also use the funds to pay down its debts. Investors will note that Tonix Pharmaceuticals announced this proposed public offering right af ...