There are tremendous opportunities for Canada. And I would say to Southeast Asia, and you heard me say this before, come to Canada. I mean, you know, we're here at the Milken Institute.We're talking about capital. So much of the capital today is talking about where is it that they can actually find places for global diversification. I would say Canada is a great place because the other thing we hear from so many of the capital investors here is they're looking for predictability.They're looking for countrie ...

Core Insights - Tonix Pharmaceuticals has received FDA approval for Tonmya™, the first new therapy for fibromyalgia in over 15 years, with a U.S. launch expected in Q4 2025 [1][4]. Company Overview - Tonix Pharmaceuticals is a fully-integrated biotechnology company with marketed products and a pipeline of development candidates [2][4]. - The company focuses on central nervous system disorders, immunology, immuno-oncology, rare diseases, and infectious diseases [4]. Leadership Appointment - Ganesh Kamath has been appointed as Head of Market Access, effective September 29, 2025, bringing over 25 years of experience in market access, pricing, and commercial operations [2][3]. - Kamath's previous roles include Vice President at CuriaGlobal and CFO at Hutchmed International, where he established pricing governance frameworks and advanced market access strategies [3]. Product Details - Tonmya™ is indicated for the treatment of fibromyalgia in adults and is a first-in-class, non-opioid analgesic [4][7]. - The product is part of a broader portfolio that includes treatments for acute migraine and various CNS disorders [4]. Development Pipeline - Tonix's development pipeline includes TNX-102 SL for acute stress reaction, TNX-1500 for organ transplant rejection, TNX-2900 for Prader-Willi syndrome, and TNX-801 for mpox and smallpox [4]. - The company has a contract with the U.S. Department of Defense for TNX-4200, a broad-spectrum antiviral agent, valued at up to $34 million over five years [4].

Trade Negotiations & Tariffs - The tariff issue is expected to be settled by August 1st, with tariffs going into effect on that day [1] - While negotiations can continue after August 1st, payments based on existing tariffs will be due [1] - The US is seeking market access for American ranchers, farmers, and fishermen [2] - Tariffs, such as 26%, 27%, 31%, and 19%, will be imposed if markets are not opened to American products [2] Market Access & Pricing - Increased activity as parties present their "best offer," but the "price" for market access has significantly increased [2] - The "price" involves opening markets to American goods [2]

Trade Policy - The Trump administration anticipates Indonesia's trade barrier reduction will unlock at least $50 billion in additional market access for US goods [1]

Market Dynamics & Latency - Latency, the delay in information transmission, is paramount in modern financial markets, outweighing strategy and logic [1][2] - Traditional markets evolved from manual trades to digitized exchanges with set hourly intervals, algorithms, and methodologies governing financial market operations [2][3] - High-frequency trading firms execute tens of billions of dollars daily, emphasizing the importance of minimizing latency [8] Crypto Market Challenges & Opportunities - Crypto markets operate 24/7/365, lacking the standardized governance of traditional markets, posing challenges for institutional adoption [6][7] - The absence of standardized trading infrastructure in crypto, including collocation, normalized data feeds, and fair exchange access, hinders institutional market access [5][8][9] - Institutions with advanced, proprietary trading technologies currently dominate crypto, highlighting the need for broader access and transparency [9] - Advancing the maturity of the crypto space is critical for achieving optimal market access, better pricing for customers, and transparency [9][12] Infrastructure & Technology - Traditional firms invest in infrastructure like underground tunnels and microwave towers to reduce latency by microseconds [5] - Collocation, placing servers near exchanges, is crucial for minimizing latency and improving trading speed [8] - Standardized data feeds across exchanges and fair access across jurisdictions are essential for institutional adoption in crypto [9]