Tonix Pharmaceuticals Holding Corp. shares were up 16% to $1.95 Monday after the company said the U.S. Patent and Trademark Office issued a patent to the company on July 19.
The company said the patent, entitled "Magnesium-Containing Oxytocin Formulations and Methods of Use," claims methods and compositions for treating pain, including that incident to migraine headaches, using intranasal magnesium-containing oxytocin formulations.
The patent, excluding possible patent term extensions, is expected to provide Tonix with U.S. market exclusivity until January 2036, the company said.
In late 2021, Tonix received investigational new drug clearance from the U.S. Food and Drug Administration to support the initiation of a Phase 2 study of TNX-1900 intranasal potentiated oxytocin for the prevention of migraine headache in chronic migraineurs.
The company said it continues to expect to begin enrollment in the Phase 2 study during the second half of 2022.
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