What happened Shares of Tonix Pharmaceuticals Holding (NASDAQ: TNXP) were jumping 8.1% higher as of 10:45 a.m. EDT on Monday after rising as much as 19.4% earlier in the day. The big gain came after the company announced an agreement with OyaGen to license experimental COVID-19 antiviral drug TNX-3500 (formerly known as OYA1). So what Investors cheered Tonix's licensing agreement because it gives the company another pipeline candidate with promising potential. In preclinical testing, TNX-3500 was found to be roughly 65 times more effective at inhibiting SARS-CoV-2 (the coronavirus that causes COVID-19) than Gilead Sciences' remdesivir. Image source: Getty Images. TNX-3500 has been researched for a long time. The experimental drug was studied by the National Cancer Institute back in the 1960s as a possible cancer treatment. Although it didn't prove to be effective at treating cancer, the studies from decades ago showed that the active ingredient in TNX-3500 was safe in nonhuman primates and humans with daily or weekly doses. No financial terms were announced from Tonix's licensing deal with OyaGen. Tonix has an exclusive worldwide license for all of the technology and patents for TNX-3500 and other related compounds. Now what Tonix now plans to conduct additional studies evaluating TNX-3500 in treating COVID-19 in the hopes that it can proceed toward regulatory approval. In the meantime, there are a couple of other potential catalysts on the way for the biotech stock. Tonix expects to report interim results from a late-stage study of TNX-102 SL in treating fibromyalgia in the fourth quarter of this year. The company also hopes to advance experimental COVID-19 vaccine TNX-1800 into phase 1 clinical testing in the second half of 2021. 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 February 24, 2021 Keith Speights doesn't own shares of any stock mentioned. The Motley Fool owns shares of and recommends Gilead Sciences. The Motley Fool has a disclosure policy.Source