Fortress Biotech, Inc. operates a biopharmaceutical business built around acquiring and advancing pharmaceutical and biotechnology assets. Company updates commonly cover product revenue, equity holdings, dividend and royalty income, FDA decisions, subsidiary transactions and clinical or regulatory progress across its portfolio.
Recurring news also includes Journey Medical dermatology products, Cyprium Therapeutics and ZYCUBO® for Menkes disease, priority review voucher monetization and corporate financial results. Fortress reports material developments involving approved prescription products, portfolio-company ownership, royalties, capital resources and business-development activity.
Fortress Biotech, Inc. (NASDAQ: FBIO) has appointed David Jin as Chief Financial Officer effective August 16, 2022, while Robyn Hunter will step down after 11 years to pursue other opportunities. Chairman Lindsay A. Rosenwald expressed confidence in Jin's capabilities, highlighting his contributions to the company and its strategy. Jin noted Fortress's ongoing projects, including FDA submissions and collaborations, while emphasizing the company's commitment to innovation in biopharmaceuticals. The transition aims to maintain stability and growth during this critical period.
Fortress Biotech (FBIO) announced that its subsidiary UR-1 Therapeutics has dosed the first patient in a Phase 1 clinical trial of Dotinurad, a URAT1 inhibitor for gout in the U.S. This trial aims to assess safety, tolerability, pharmacokinetics, and pharmacodynamics of Dotinurad, building on its previous success in Japan where it showed efficacy in over 500 patients. Fortress expects topline data release in the second half of 2022 and aims to establish Dotinurad as a leading oral therapy for serum uric acid reduction, potentially reaching millions in the U.S.
Journey Medical (NASDAQ: DERM) announced a settlement with Padagis US LLC regarding patents for three key products: QBREXZA, AMZEEQ, and ZILXI. Under the agreement, Padagis cannot launch generics until August 15, 2030, July 1, 2031, and April 1, 2027, respectively. This settlement is aimed at solidifying Journey Medical's market exclusivity and supporting sales growth for these dermatological products. The CEO emphasized the importance of enforcing intellectual property rights to benefit the company, shareholders, and patients relying on these treatments.
Journey Medical Corporation (NASDAQ: DERM), a pharmaceutical company specializing in dermatology, will present at the B. Riley Securities 22nd Annual Institutional Investor Conference on May 26, 2022. CEO Claude Maraoui will provide a corporate overview at 12:20 p.m. PT and will engage in one-on-one meetings during the event. Journey Medical focuses on innovative dermatology products and currently markets nine such products. Founded by Fortress Biotech (NASDAQ: FBIO), the company is headquartered in Scottsdale, Arizona.
Fortress Biotech (NASDAQ: FBIO) announced that its Chairman and CEO, Lindsay A. Rosenwald, M.D., will participate in two investor conferences in May 2022. The events include the H.C. Wainwright Global Investment Conference on May 24, 2022, at 9:30 a.m. ET, and the B. Riley Securities 22nd Annual Institutional Investor Conference on May 26, 2022, at 10:10 a.m. PT. A webcast of the H.C. Wainwright presentation will be available on Fortress' website for 30 days. Fortress focuses on acquiring and developing high-potential therapeutic products across various medical fields.
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 21st 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.