Tonix rises on Medicare coverage expansion for chronic pain treatment
TNXP•Medicare coverage expands access to Tonmya
Shares of drugmaker Tonix Pharmaceuticals TNXP.O rose 4.6% to $13.11 in premarket trading.
The company said it secured Medicare coverage for Tonmya, its approved treatment for fibromyalgia, a chronic disorder marked by widespread pain, fatigue and sleep problems.
The agreement will expand access to about 9 million Medicare patients starting January 1, 2027, TNXP said.
TNXP said Tonmya will then be covered for about 145 million Americans, including through previously announced commercial insurance deals and Medicaid programs.
The company said it is continuing talks with other Medicare and commercial insurers.
TNXP also said it is expanding its sales force, adding 50 representatives to bring the team to about 150.
As of the last close, TNXP was down 19.8% year to date.
