Fortress Biotech Inc Stock Price, News & Analysis

Fortress Biotech (FBIO) reported a remarkable 106% increase in net revenue for Q1 2022, reaching $23.9 million compared to $11.6 million in Q1 2021. The company ended the quarter with $289.7 million in cash and cash equivalents. Positive results from the clinical trial of cosibelimab for metastatic cSCC were noted, with a BLA submission expected in 2022. Additionally, the rolling NDA for CUTX-101 for Menkes disease is targeted for completion in mid-2022. Significant patient data and multiple regulatory submissions are anticipated throughout the year.

Journey Medical Corporation (NASDAQ: DERM) reported record revenue of $23.3 million for Q1 2022, a 117% increase compared to Q1 2021. Net product sales reached $20.8 million, up 94% year-over-year. The company initiated a pivotal Phase 3 clinical trial for DFD-29 targeting papulopustular rosacea and expects NDA filing in H2 2023. Although DERM reported a net loss of $1.4 million, its Adjusted EBITDA improved to $2.3 million. Journey Medical aims to launch another prescription product in H2 2022, underlining its growth strategy.

Journey Medical Corporation (NASDAQ: DERM) will release its Q1 2022 financial results on May 10, 2022, post-market. A conference call is scheduled for that day at 4:30 p.m. ET. Interested parties can join via dial-in or a live audio webcast, with replays available for 30 days. Journey Medical focuses on dermatological products and currently markets nine such products. The company, founded by Fortress Biotech (NASDAQ: FBIO), aims to commercialize innovative solutions in dermatology.

Fortress Biotech (NASDAQ: FBIO) announced that Lindsay A. Rosenwald, M.D., will present a corporate update at the 21^st Annual Needham Virtual Healthcare Conference on April 12, 2022, at 1:30 p.m. ET. The presentation will include insights on the company's innovative approach to acquiring and commercializing therapeutic products.

Investors can access a live webcast of the presentation on Fortress' website. Fortress Biotech focuses on developing and commercializing high-potential pharmaceuticals across oncology, rare diseases, and gene therapy.

Journey Medical Corporation (NASDAQ: DERM) announced participation in the Fortress Biotech Virtual R&D Summit on April 5-6, 2022. The management team will present a corporate overview and engage in a panel discussion on April 5 at 1:30 p.m. ET. The event, hosted by the B. Riley Securities’ Healthcare Equity Research team, will showcase Fortress’ diverse pipeline. A webcast of the presentation will be available on Journey Medical's website for 30 days post-event. Journey Medical focuses on innovative dermatology products and has nine marketed treatments for skin conditions.

Fortress Biotech, Inc. (NASDAQ: FBIO) announced a two-day virtual summit hosted by B. Riley Securities, scheduled for April 5 and 6, 2022, starting at 1:00 p.m. ET. The summit will feature discussions on Fortress' diverse pipeline, including presentations from its subsidiaries and partners. Key topics include the company’s strategic initiatives and execution for value generation. Registration is available online, and webcasts will be accessible post-event for approximately 30 days. Fortress has a robust pipeline with over 30 development programs aimed at significant market areas.

Fortress Biotech reported record net revenue of $68.8 million for 2021, a 50% increase from 2020, driven by strong demand for its dermatology products. The company also realized $56.9 million from its investment in Caelum Biosciences. Despite the strong revenue growth, Fortress faced a net loss of $64.7 million (or $(0.79) per share). Non-GAAP income for common stockholders improved to $25.5 million or $0.25 per share. Looking forward, significant milestones are anticipated with upcoming NDA submissions for CUTX-101 and cosibelimab.

Journey Medical Corporation (NASDAQ: DERM) announced its financial results for the full year 2021, reporting a record net product revenue of $63.1 million, a 42% increase from 2020. The company also successfully completed its IPO, raising $30.6 million. DERM initiated a pivotal Phase 3 clinical program for DFD-29 aimed at treating papulopustular rosacea. Despite these advancements, the company reported a net loss of $44 million for the year, largely attributed to R&D expenses and cybersecurity losses.

Cyprium Therapeutics, a subsidiary of Fortress Biotech (FBIO), is progressing with CUTX-101 for Menkes disease, aiming for the first FDA approval. Positive data will be presented at the ACMG Annual Clinical Genetics Meeting. The rolling submission of the New Drug Application (NDA) is expected to complete mid-2022. CUTX-101 has shown efficacy in pivotal studies, significantly improving survival rates for early-treated patients. The partnership with Sentynl Therapeutics focuses on market introduction and newborn screening initiatives. Menkes disease, caused by ATP7A mutations, has a high mortality rate in untreated cases.