Tonix Pharma rises after US FDA approves fibromyalgia drug

Shares of drugmaker Tonix Pharmaceuticals TNXP.O rise 12.9% to $57.96 premarket

Late on Friday, TNXP said the US FDA has approved its drug to manage pain related to a type of chronic condition called fibromyalgia

The non-opioid drug, to be sold under the brand Tonmya, is a pill designed for bedtime treatment to improve sleep quality and reduce pain associated with the chronic condition

Tonix said the drug will be available by the fourth quarter

Zacks Small-Cap Research analyst, David Bautz estimates peak U.S. sales at $800 million for the drug after seven to eight years post launch

Up to last close, stock up 55.7% YTD