Fortress Biotech Inc Stock Price, News & Analysis

Fortress Biotech reported a 17.5% increase in net revenue to $59.3 million for the nine months ending September 30, 2022, compared to the previous year. The company anticipates a BLA submission for cosibelimab by January 2023. Recent highlights include advances in 20 clinical-stage programs and significant data from MB-106 trials, showing high response rates in hematologic malignancies. However, the company faced a net loss of $(22.5) million for Q3 2022, with cash reserves decreasing to $210.6 million.

Journey Medical reported a 26% revenue increase to $57.7 million for the first nine months of 2022, despite third-quarter sales declining to $16.1 million, affected by Targadox generic competition. The company has achieved 75% enrollment in its DFD-29 Phase 3 trials for treating papulopustular rosacea, with top-line data expected in H1 2023. Journey Medical anticipates submitting a New Drug Application in H2 2023, predicting DFD-29 could generate over $100 million in peak annual sales. Cash reserves totaled $34.9 million as of September 30, 2022.

Journey Medical Corporation (Nasdaq: DERM) announced it will release its third quarter 2022 financial results on November 10, 2022, after market close. A conference call to discuss these results will take place at 4:30 p.m. ET the same day. Interested parties can participate by calling specific numbers provided in the announcement. Journey Medical, based in Scottsdale, Arizona, develops and commercializes innovative dermatological products, having successfully marketed eight treatment products to date.

Fortress Biotech, Inc. (Nasdaq: FBIO) has declared a monthly dividend of $0.1953125 per share for its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock for October, November, and December 2022. The dividends will be paid on October 31, November 30, and December 31, 2022, to shareholders on record as of October 15, November 15, and December 15, respectively. Future dividend notifications will be available on Fortress's website. Fortress focuses on developing and commercializing biopharmaceutical products across various therapeutic areas.

Journey Medical Corporation (Nasdaq: DERM) announced CEO Claude Maraoui's participation in two upcoming investor conferences. The first is the Roth Inaugural Healthcare Opportunities Conference on October 6, 2022, at 12:15 p.m. ET in New York City, which includes one-on-one meetings. The second is the LD Micro Main Event XV Conference on October 25, 2022, at 3:00 p.m. PT in Los Angeles, also with one-on-one meetings. Journey Medical focuses on dermatological products and markets nine branded and three authorized generic products.

Urica Therapeutics, a subsidiary of Fortress Biotech (FBIO), has appointed Jay D. Kranzler, M.D., Ph.D., as Chairman and CEO, and Vibeke Strand, M.D., to its Board. Dr. Kranzler brings over 30 years of drug development experience, particularly with the lead candidate dotinurad, currently in Phase 1 trials for gout in the U.S. Dotinurad, approved in Japan, is a urate transporter inhibitor showing promise in clinical trials. The company anticipates topline data from its Phase 1 trial later in 2022, aiming to expand treatment options for millions of U.S. gout patients.

Fortress Biotech announced that CEO Lindsay A. Rosenwald will provide a corporate update at the H.C. Wainwright 24th Annual Global Investment Conference on September 13, 2022. The company focuses on acquiring and developing therapeutic products and has nine marketed drugs and over 30 programs in development in areas such as oncology and rare diseases. Fortress collaborates with leading research institutions and biopharmaceutical companies to enhance its portfolio and drive shareholder value.

Journey Medical Corporation (NASDAQ: DERM) has enrolled over 50% of participants in its Phase 3 trials evaluating DFD-29 (Minocycline Modified Release Capsules 40 mg) for treating papulopustular rosacea. This milestone indicates progress in collaboration with Dr. Reddy’s Laboratories. The company anticipates topline data in early 2023, followed by a New Drug Application filing later that year, expecting DFD-29 to achieve peak annual sales exceeding $100 million. Previous Phase 2 trials showed DFD-29's efficacy nearly double that of doxycycline in reducing inflammatory lesions.

Fortress Biotech reported a 45.5% growth in net revenue for H1 2022, totaling $42.8 million. The company anticipates significant regulatory milestones, including a BLA submission for cosibelimab for metastatic cutaneous squamous cell carcinoma expected by year-end 2022. Journey Medical, a partner, achieved $18.3 million in Q2 2022, up 20% from Q2 2021. Fortress reported a net loss of $21.4 million for Q2 2022, contrasting with a $3.5 million loss in Q2 2021. Strong ongoing clinical trials and expanded product offerings position the company for future growth.