What happened Shares of Tonix Pharmaceuticals (NASDAQ: TNXP) jumped 22% on Monday after the biopharmaceutical company said it would develop a COVID-19 skin test. So what Tonix intends to develop a diagnostic skin test, called TNX-2100, to measure T-cell immunity to SARS-CoV-2, the virus that causes COVID-19. Researchers believe T-cell immunity can help protect against severe forms of the disease. "We believe TNX-2100 has the potential to measure T-cell immunity to CoV-2 and therefore serve as an aid to COVID-19 diagnosis to support patient care, public health surveillance, and vaccine trials," Tonix CEO Seth Lederman said in a press release. Tonix Pharmaceuticals' stock price popped on Monday. Image source: Getty Images. Tonix expects its test to provide time- and cost-savings compared to current T-cell immunity tests that require specialized laboratory equipment. TNX-2100 is also designed to be administered in a wider variety of healthcare settings. Tonix plans to begin clinical trials of TNX-2100 in the second half of 2021, subject to regulatory clearance. Now what Tonix also announced a stock offering on Monday. The biotech will sell approximately 58.3 million shares to investors at a price of $1.20 per share. Tonix expects to raise roughly $70 million, which it can use to fund the development of TNX-2100 and other clinical studies. 10 stocks we like better than Tonix Pharmaceuticals HoldingWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Tonix Pharmaceuticals Holding wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source