BioCentury
ARTICLE | Financial News

AxoGen, Tonix raise money in follow-ons, list on NASDAQ

August 9, 2013 11:35 PM UTC

Neurology companies AxoGen Inc. (NASDAQ:AXGN) and Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) raised almost $30 million in follow-ons on Friday and began trading on NASDAQ after delisting from the OTCQB. AxoGen raised $18 million through the sale of 6 million shares at $3 in a follow-on underwritten by JMP Securities and Ladenburg Thalmann. Tonix raised $11.4 million through the sale of 2.7 million units at $4.25 in a follow-on underwritten by Roth Capital Partners; National Securities; and Dawson James. Each unit comprises a share and a five-year warrant to purchase a share at $4.25.

AxoGen markets products designed to protect or connect nerves, including its Avance Nerve Graft for bridging peripheral nerve gaps. The product is decellularized allograft nerves recovered from cadaveric donors. This quarter, Tonix plans to start a Phase IIb/III trial to evaluate sublingual TNX-102 to treat fibromyalgia. The product is a sublingual formulation of cyclobenzaprine. ...