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 (NASDAQ: FBIO) reported a remarkable 123% year-over-year increase in net revenue, reaching a record $21.1 million for Q3 2021. The company’s partner, Journey Medical Corporation, successfully launched its $35.2 million IPO. Fortress also received $56.9 million from AstraZeneca following its acquisition of Caelum Biosciences. Upcoming initiatives include a rolling NDA submission for CUTX-101 and top-line results for cosibelimab expected by year-end 2021. Operating expenses rose significantly, with R&D expenses totaling $28.1 million for the quarter.
Aegis Capital Corp. has successfully completed a $2.6 million public offering of common stock for Avenue Therapeutics (NASDAQ: ATXI). The funds raised through this offering are aimed at advancing Avenue's mission to develop IV tramadol, a potential alternative to conventional opioids for acute pain management in the U.S. Avenue Therapeutics was founded by Fortress Biotech (NASDAQ: FBIO) and is positioned to address the growing need for effective pain relief solutions.
Journey Medical Corporation (NASDAQ: DERM) has priced its initial public offering (IPO) at $10 per share, raising gross proceeds of $35.2 million. The company, a subsidiary of Fortress Biotech (NASDAQ: FBIO), will receive approximately $31.4 million in net proceeds after expenses. The IPO is set to close on November 16, 2021, with common stock starting to trade on November 12, 2021. Proceeds will support working capital, R&D, marketing, and potential acquisitions.
Journey Medical Corporation has launched an initial public offering (IPO) of 3,200,000 shares of common stock, expected to price between $10 and $12 per share. The company, a subsidiary of Fortress Biotech (FBIO), may also allow underwriters to purchase an additional 480,000 shares. Journey Medical aims to list its shares on The Nasdaq Capital Market under the symbol ‘DERM.’ B. Riley Securities is the sole book-running manager, with Roth Capital Partners as a co-manager. The offering is subject to market conditions and regulatory approval.
Fortress Biotech, Inc. (NASDAQ: FBIO) announced that Lindsay A. Rosenwald, M.D., will present a corporate update at the Dawson James Securities’ 6th Annual Small Cap Growth Conference on October 21, 2021, at 1:10 p.m. ET. A live webcast will be available on Fortress’ website for 30 days post-event. Fortress is dedicated to the development and commercialization of biopharmaceutical products and has seven marketed prescription drugs and over 25 programs in various stages. The company ranks among the fastest-growing in North America, focusing on oncology, rare diseases, and gene therapy.
Cyprium Therapeutics, in partnership with Fortress Biotech (FBIO) and Sentynl Therapeutics, announced positive results for CUTX-101 in treating Menkes disease, showing significantly improved overall survival compared to untreated controls. Analysis from two pivotal studies indicated a 79% reduction in risk of death for early treatment and a 75% reduction for late treatment patients. The company plans to submit a New Drug Application (NDA) for CUTX-101 to the FDA in Q4 2021. The study emphasizes the need for early diagnosis and treatment, with a newborn screening test in development.
Cyprium Therapeutics, a partner company of Fortress Biotech (FBIO), announced significant findings regarding CUTX-101, a treatment for Menkes disease. Results from pivotal studies showed that patients treated with CUTX-101 had a median overall survival of 177.1 months, representing a 79% reduction in the risk of death compared to untreated controls. A rolling submission of a New Drug Application to the FDA is set for Q4 2021, potentially making CUTX-101 the first FDA-approved therapy for this condition. The treatment was well tolerated, with no discontinuations due to adverse events.
AstraZeneca has acquired Caelum Biosciences for approximately $150 million, triggering an upfront payment to Caelum shareholders, with Fortress Biotech set to receive around $64 million from this transaction. In addition, Caelum's stockholders could receive up to $350 million based on future regulatory and commercial milestones. Fortress holds a significant share of the transaction proceeds, approximately 43%. The acquisition emphasizes Fortress Biotech's strategic focus on developing treatments for rare diseases, enhancing its portfolio of biopharmaceutical products.
Journey Medical Corporation, a partner of Fortress Biotech (NASDAQ: FBIO), has appointed Ernest De Paolantonio as Chief Financial Officer effective September 30, 2021. With over 40 years of experience in the pharmaceutical industry, De Paolantonio's previous roles include CFO at Teligent, Fortovia Therapeutics, and BioDelivery Sciences. His expertise is expected to strengthen Journey Medical's leadership team and support its strategy for expanding its dermatology product portfolio.
Fortress Biotech (NASDAQ: FBIO) announced that AstraZeneca's Alexion has exercised its option to acquire Caelum Biosciences, triggering a payment of approximately $150 million, with Fortress set to receive about $64 million. The acquisition, expected to close on October 5, 2021, facilitates accelerated Phase 3 development of CAEL-101 for AL amyloidosis. Additional payments up to $350 million are possible upon reaching certain milestones. This deal underscores Fortress's business model and validates the potential of CAEL-101, which has already received Fast Track Designation from the FDA.