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In a recent development, Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP), a pharmaceutical company with a market capitalization of $43 million, has finalized an employment agreement with Siobhan Fogarty for the role of Chief Technical Officer (CTO). The agreement, effective February 27, 2025, outlines the terms of Fogarty’s compensation and tenure with the company.
Under the terms of the employment agreement, Fogarty will receive an annual base salary of €385,000. Additionally, she will be eligible for an annual bonus and equity compensation, aligning her interests with those of the company and its shareholders. The agreement permits termination by either party given at least 180 days’ notice. Should Tonix Pharmaceuticals opt to terminate the contract, Fogarty is entitled to her base salary throughout the notice period.
The employment agreement is consistent with industry standards, containing typical provisions for executive roles. Specific details of the agreement have been redacted as per regulatory guidelines.
Tonix Pharmaceuticals, a pharmaceutical company with a focus on pharmaceutical preparations, operates through its wholly-owned subsidiary, Tonix Pharma Limited. The company’s business address is in Chatham, New Jersey, and it is incorporated in Nevada.
This executive appointment comes as part of the company’s efforts to strengthen its leadership team. The move is expected to support Tonix Pharmaceuticals’ strategic objectives and drive growth within its technical operations.
The information regarding this corporate update is based on the company’s recent SEC filing.
In other recent news, Tonix Pharmaceuticals Holding Corp. reported positive results from its Phase 1 trial of TNX-1500, a monoclonal antibody aimed at preventing kidney transplant rejection. The results indicate that TNX-1500 was well-tolerated and effective in modulating the immune system, paving the way for a Phase 2 trial. Additionally, the company has announced a 1-for-100 reverse stock split to meet NASDAQ’s minimum bid price requirement. In a strategic move, Tonix has increased its maximum aggregate offering price to $250 million under its Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP), enhancing its financial position for ongoing research. The FDA has set a Prescription Drug User Fee Act (PDUFA) goal date of August 15, 2025, for TNX-102 SL, a treatment for fibromyalgia, highlighting the drug’s potential as a new therapeutic option. The company has also promoted Siobhan Fogarty to Chief Technical Officer as it prepares for the potential launch of TNX-102 SL. These developments underscore Tonix Pharmaceuticals’ commitment to advancing its pipeline, which includes treatments for central nervous system disorders and public health challenges.
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