shares of tonix pharmaceuticals tumbled in premarket trading friday after the biopharmaceutical company said it was raising 7 million in a dilutive public offering the stock was recently down more than 35 to 115 in premarket trading the chatham nj company said it is selling 7 million shares along with warrants to buy up to another 7 million shares at a combined offering price of 1 per share and accompanying warrant nearly 44 below thursdays closing price of 178 tonix which had about 108 million shares outstanding before the offering said the fiveyear warrants would be exercisable immediately at 1 a share