Six Insiders at This Beleaguered Pharmaceutical Company Participate in Public Offering
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) registered a cluster of insider buying this week, which involved six different insiders. To begin with, Chief Financial Officer Bradley J. Saenger bought 2,000 shares on Tuesday for $2.00 each, lifting his ownership to 6,039 shares. Board member Samuel R. Saks snapped up 25,000 shares on the same day at $2.00 apiece, which lifted his ownership stake to 63,550 shares. Ernest Mario, another member of the company’s board, purchased 50,000 shares on Monday, boosting his overall holding to 430,724 shares. Seth Lederman, co-founder and CEO of Tonix Pharmaceuticals, reported the purchase of a 25,000-share block held by his spouse, who currently owns 31,000 shares. Dr. Lederman also holds a direct ownership stake of 80,815 shares. A block of 25,000 shares was acquired by John B. Rhodes, yet another Board member, who currently holds a stake of 112,196 shares. Chief Scientific Officer and Secretary Bruce L. Daugherty acquired a new stake of 100,000 shares on Monday, which is entirely held in his Individual Retirement Account. Dr. Daugherty owns an additional 65,777 shares directly.
All corporate insiders purchased the shares through an underwritten public offering of 5.00 million shares, which generated gross proceeds of $10 million. The clinical-stage pharmaceutical company that develops next-generation medicines for common disorders of the central nervous system intends to use the net proceeds of roughly $9.1 million to support the development of product candidate TNX-102 SL for the management of fibromyalgia, develop this candidate for the treatment of post-traumatic stress disorder, as well as to fund the development of other pipeline programs.
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) has seen its market value plunge by 73% since the beginning of 2016. James E. Flynn’s Deerfield Management had 1.32 million shares of Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) in its portfolio at the end of March.
Canadian Writer of Property and Casualty Insurance Has Executive Buy Shares
Kingsway Financial Services Inc. (USA) (NYSE:KFS) has enjoyed increased insider buying activity in recent months, which may please current and potential shareholders. Executive Vice President John Taylor Maloney Fitzgerald purchased two blocks of 4,596 shares each on Monday and Tuesday at prices varying from $5.20 to $5.24 per share. After the recent purchases, Mr. Fitzgerald currently holds an ownership stake of 249,743 shares.
The Canadian holding company primarily engaged in the property and casualty insurance business has seen its market capitalization jump by 14% since the start of 2016. Kingsway Financial Services Inc. (USA) (NYSE:KFS)’s Insurance Underwriting gross premiums written were $35.8 million, up from $35.2 million recorded in the first quarter of 2015. Meanwhile, net premiums written increased by 1.7% year-over-year to $35.6 million. The increase in both measures was mainly driven by increased premium written in Florida, offset by reduced premium written in California and Virginia. The company stopped writing new business in Virginia in the third quarter of 2015. Jim Simons’ Renaissance Technologies LLC was the owner of 138,699 shares of Kingsway Financial Services Inc. (USA) (NYSE:KFS) at the end of the first quarter of 2016.