Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) announced preliminary topline results from its Phase 3 clinical study, AFFIRM, designed to evaluate the safety and efficacy of TNX-102 SL (cyclobenzaprine HCl sublingual tablets), 2.8 mg, in patients with fibromyalgia. AFFIRM was a 12-week randomized, double-blind, placebo-controlled trial of TNX-102 SL taken daily at bedtime, in which 519 participants were enrolled at 35 centers in the U.S. Fibromyalgia is a multi-symptom disorder that originates in the central nervous system and is characterized by widespread pain, non-restorative sleep, fatigue, and disability.

The AFFIRM data did not achieve statistical significance in the primary efficacy endpoint: the proportion of patients who reported a 30 percent or greater reduction in pain from baseline to the end of the 12-week treatment period based on the pre-specified primary analysis (p=0.095, Table 1). However, TNX-102 SL did show statistically significant effects on pain when analyzed by other standard statistical approaches (Table 1). TNX-102 SL activity in fibromyalgia was cross-validated by two additional endpoints, Patient Global Impression of Change (PGIC) and Fibromyalgia Impact Questionnaire-Revised (FIQ-R) (Table 2). These endpoints assess global improvement and a range of fibromyalgia symptoms and function. TNX-102 SL showed strong effects on improving sleep quality by the daily diary and the PROMIS sleep disturbance scale (Table 2). The internal consistency of these results provides clear evidence of beneficial effect of TNX-102 SL for the treatment of fibromyalgia.

Seth Lederman, M.D., president and chief executive officer of Tonix, commented, “TNX-102 SL showed broad beneficial effects across key fibromyalgia symptoms and was well-tolerated in the AFFIRM study. Despite achieving clinically meaningful results from AFFIRM, we have greater clarity on the regulatory path forward in our PTSD program. We will therefore discontinue the fibromyalgia program in order to fully focus Tonix’s resources on advancing our potential breakthrough PTSD program to Phase 3. We owe it to our investors, and to patients who are waiting for meaningful clinical innovation, to steward our resources effectively.” Dr. Lederman continued, “We thank those who contributed to the AFFIRM trial, from the clinical teams to the patients and their families. They helped us evaluate this potential new therapy and their involvement provided valuable clinical and scientific information.”

An unexpected imbalance in patient discontinuations for reasons unrelated to efficacy or tolerability (for example, a patient relocating away from the clinical site) (Table 3), created a negative bias in the primary responder analysis because any patient who left the study, for any reason prior to completion, was labeled a non-responder despite their results up to that point. Another standard statistical method for assessing the 30 percent responder analysis that considers the reason for discontinuation showed statistical significance in the primary pain data (Table 1, P=0.012).

Overall, TNX-102 SL was well-tolerated in the AFFIRM study and the adverse events reported were similar to those seen in other TNX-102 SL clinical studies (Table 4). There were seven serious adverse events (SAEs) reported during the study: four in the placebo group and three in the active group.  No new safety signals were observed; multiple causal factors were involved in each SAE, and all were resolved quickly and without sequelae.  (Original Source)

Shares of Tonix Pharmaceuticals are falling nearly 16% to $1.83 in pre-market trading. TNXP has a 1-year high of $7.95 and a 1-year low of $1.84. The stock’s 50-day moving average is $2.26 and its 200-day moving average is $2.38.

On the ratings front, Tonix has been the subject of a number of recent research reports. In a report issued on August 24, Cantor analyst Chiara Russo reiterated a Buy rating on TNXP, with a price target of $5.00, which implies an upside of 129% from current levels. Separately, on August 9, Oppenheimer’s Carlos Solorzano reiterated a Buy rating on the stock and has a price target of $10.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chiara Russo and Carlos Solorzano have a total average return of -5.2% and 16.7% respectively. Russo has a success rate of 42.9% and is ranked #3762 out of 4147 analysts, while Solorzano has a success rate of 47% and is ranked #809.

Tonix Pharmaceuticals Holding Corp. is a clinical-stage pharmaceutical company. It is engaged in developing and manufacturing new pharmaceutical products that are used in central nervous system drugs in large and growing markets. It products include TNX-102 SL and TNX-201.