Tonix Pharmaceuticals ticks up after $20 million direct stock deal

Drugmaker Tonix Pharmaceuticals' TNXP.O shares rise 0.9% to $16.40 premarket

TNXP announces $20 million registered direct offering of common stock and pre-funded warrants to Steven Cohen's investment firm Point72

Offering priced at $16.26 apiece, in line with stock's last close

TD Cowen acted as sole placement agent for offering and A.G.P./Alliance Global Partners served as financial adviser

Proceeds will be used to fund the commercialization of its marketed products, development of its product pipeline and other purposes

TNXP has 11.8 million outstanding shares for $191.5 million market cap, per LSEG data

Two brokerages covering the stock rate it "buy"; median PT $65 - data compiled by LSEG

As of last close, TNXP stock down 50.7% YTD