Tonix Pharmaceuticals Holding Corp (NASDAQ: TNXP) is making a run for the top in the market this morning, and for good reason. The company announced that it has pruchased a massive facility for the development of vaccines. Here’s what’s going on:
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TNXP Stock Gains On Facility Purchase
As mentioned above, Tonix Pharmaceuticals is having a great start to the trading session this morning after announcing that it has pruchased a new facility. The 40,000 square foot facility is located in Massachusetts and will house the company’s new Advanced Development Center or ADC.
In the release, the company said that it will use the new facility for the accelerated development and manufacturing of vaccines, including but not limited to the manufacturing and development of a vaccine for COVID-19.
It is expected that the facility will be operational within the next two years. The company is working to install single-use bioreactors and purification suites as well as equipment for Good Manufacturing Practice production of vaccines for clinical trials.
TNXP says that once fully operational, the facility will be capable of producing sterile vaccines in glass bottles. Moreover, the site will house research, development, and support analytical capabilities.
In the release, the company reminded investors that it is currently working to develop potential COVID-19 vaccines based on two live viral vector platforms. All in all, the company has six potential COVID-19 vaccines in the works.
In a statement, Seth Lederman, M.D., President and CEO at TNXP, had the following to offer:
We are excited to have taken the first step in vertically integrating more of our development activities, but, even more importantly, adding a manufacturing capability for clinical trial quality vaccines. We believe this provides Tonix with a competitive advantage, especially in the current COVID-19 environment in which more domestic development and manufacturing capacity is needed.
As a nation, we have a mandate to reduce our reliance on off-shore resources and we hope our plans become a siren call for others to join in fulfilling this objective. We expect that the U.S. government will maintain a sustained interest in pandemic preparedness based on the devastating effect of COVID-19 on the health of the U.S. population, on education and on the economy.
The Bottom Line
The bottom line here is simple. Tonix Pharmaceuticals is working to develop multiple vaccines in an effort to assist in ending the COVID-19 pandemic. The new facility provides the company with a strong foundation for long-term vaccine development and manufacturing capabilities, setting the stage for a potentially huge opportunity.
All in all, TNXP is a stock to watch closely.
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