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Small-Cap Snapshot: Tonix Pharmaceuticals wins FDA backing of Phase 3 trial for lead drug Tonmya

Esports Entertainment Group, Abercrombie & Fitch and Catalyst Pharmaceuticals Inc are also making news

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The clinical-stage biotech plans to start the Recovery trial to evaluate its drug Tonmya for the treatment of PTSD in the first quarter of next year

Shares in Tonix Pharmaceuticals (NASDAQ:TNXP) climbed on Thursday after the US Food and Drug Administration said it was “on board” with the design of a new Phase 3 clinical trial, which is evaluating its drug Tonmya for the treatment of posttraumatic stress disorder (PTSD).  The clinical-stage biotech plans to start the RECOVERY trial for the treatment of PTSD in the first quarter of 2019. The study will include participants who have experienced civilian traumas in addition to those with military-related traumas. 

Tonix shares more than doubled to hit $8.78.

Esports Entertainment Group Inc (OTCQB: GMBL) is also a top-gainer after the online gambling company unveiled plans to introduce wagering for speedrunning on its betting platform. Speedrunning is the art of attempting to play a video game from start to finish as quickly as possible. Thanks to a new marketing agreement with SpeedGaming, the largest competitive speedrunning network, Esports will allow for bets to be taken on speedrunning tournaments via its betting exchange VIE.GG.

Esports added 7.5% to hit $0.86.

READ: Tonix Pharmaceuticals shares rocket after FDA green-lights design of new late-stage study of Tonmya for PTSD

Shares of Abercrombie & Fitch (NYSE:ANF) are soaring after the apparel retailer posted quarterly earnings and sales that whizzed past the Street’s estimates. The company’s management also pleased investors by saying just 40 stores would close by the end of its fiscal year, down from the initial estimate of 60 stores.  For its fiscal third quarter, its net income jumped to $23.9 million, or $0.35 per share, up from $10.1 million, or $0.15 per share in the year-ago quarter. Stripping out items, Abercrombie reported profits of $0.33 per share, beating analysts’ forecasts of $0.20 per share. Its net sales, meanwhile, came in at $861.2 million, zipping past the market estimate of $853 million.

Abercrombie & Fitch added 15.7% to $19.78.

Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) is taking a beating despite the news that the FDA is giving the green light for its drug Firdapse (amifampridine), which treats Lambert-Eaton myasthenic syndrome (LEMS), a rare autoimmune disease.  Lambert-Eaton myasthenic syndrome is a disorder which sees the immune system attack the connections between nerves and muscles. Already approved in Europe, Firdapse is set to hit the market in the first quarter of next year.

Catalyst shares shed 10.2% to $2.81.

 

 

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