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TNXP (MC $32M) (Cash $34M) O/S 7.5 M / P3 Data in 1H 2018 =potential 10 bagger

Found another terrible undervalued which trading below Cash and which is close to phase 3 readout if successfull the drug will have around $600+ M Market Potential . The Company has only 7.5 Million Shares outstanding and Baker bros who are really one of the most successful investors in the Biotech Sector is second largest staekholder . TNXP should be valued right now around $15 per share for their Phase 3 program and huge cash balance and if phase 3 outcome is positive then sky is the limit .GL

Tonix Pharma (TNXP)

Market Cap: $32.8 Million
Cash: $34.5 Million
Kurs: $4.37

Shares Out: 7.5 Million

New Presentation

Phase 3 HONOR study of Tonmya in military-related PTSD enrolling
•Encouraging evidence of safety and efficacy was demonstrated in Phase 2

Breakthrough Therapy designation from U.S. Food and Drug Administration (FDA)
•Expedited development and accelerated review are expected
•Potential to file NDA based on one Phase 3 study if data are statistically persuasive

Proposed registration plan agreed by the FDA
•Additional nonclinical safety and clinical abuse potential studies are not required

Patent protection through 2034 in U.S.
•Composition of matter patent for eutectic, required for transmucosal delivery of cyclobenzaprine

TNXP: Patient Enrollment Continues for Phase 3 Study of Tonmya® in PTSD; Interim Analysis Expected in 1H18

Conclusion and Valuation

The U.S. military’s intense interest in identifying safe and effective PTSD treatments is important for Tonix, as the AtEase study is the only controlled clinical trial to show a benefit in treating military related PTSD. If those results can be duplicated in the HONOR study (and Tonmya® gets approved), the Department of Defense and the VA would likely be very interested in getting the treatment to military personnel and veterans who suffer from PTSD.

Our valuation for Tonix is derived from a probability adjusted discounted cash flow model that takes into account potential future revenues from the sale of TNX-102 SL in PTSD. Of the approximately 8.6 million individuals in the U.S. who suffer from PTSD, it’s estimated that approximately 20% seek treatment. With a peak market share of only 6%, we currently estimate that peak sales of $650 million are possible. Using a discount rate of 18% and a 50% probability of approval leads to a net present value for the PTSD program of $67 million. Combined with the company’s current cash position and dividing by a reasonable fully diluted share count of 8.1 million shares leads to a valuation of approximately $13 per share.

Insider & Institutional Ownership :

Rosalind Advisors, Inc. 553 908
Baker Bros. Advisors LP 510 922
B. Riley Capital Management LLC 378 138
Opaleye Management, Inc. 370 000
Empery Asset Management LP 315 000
The Vanguard Group, Inc. 184 377
Heights Capital Management, Inc. 89 713
Seth Lederman, MD 83 400
Ernest Mario, PhD 69 718
Kingdon Capital Management LLC 64 549

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