Tonix vows to continue with PTSD program despite trial failure
New York-based Tonix Pharmaceuticals (Nasdaq: TNXP) suffered a more than 65% drop in share price after announcing on Friday its Phase III study of Tonmya (cyclobenzaprine HCl) would be stopped.
Tonix had been studying the candidate for military-related post-traumatic stress disorder (PTSD), but the therapy failed to differentiate itself from placebo, according to a commonly-used scale measuring the condition.
While investors saw the news as a trial failure, chief executive Seth Lederman pledged to continue the program, interpreting the results as useful for designing another trial.
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