All systems go for 2016
With readouts from three clinical trials expected in 2016, next year will be a critical one for Tonix (O:TNXP). First will be data from a Phase II study for TNX-201 (R-isomer of isometheptene) in Q116 for episodic tension-type headache (ETTH), which may offer an effective and non-addictive option. Next will be data from a Phase II trial for TNX-102 SL in H116 for post-traumatic stress disorder (PTSD), where current medications have spotty efficacy. Finally, the Phase III for Tonmya (TNX-102 SL) in fibromyalgia should read out in H216, which we suggest has a high chance of success.
ETTH data may open the door to partnership talks
ETTH is a highly prevalent problem with an estimated 38% of the US population suffering episodic tension-type headaches, making it a potentially attractive market for large pharma. If the TNX-201 Phase II data are positive, we would expect partnership discussions to begin in earnest in H116 and currently model a signed collaboration in 2017.
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