Welcome to our dedicated page for Fortress Biotech news (Ticker: FBIO), a resource for investors and traders seeking the latest updates and insights on Fortress Biotech stock.
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.
Cyprium Therapeutics, a partner company of Fortress Biotech (Nasdaq: FBIO), is advancing the clinical development of CUTX-101 for Menkes disease, with a New Drug Application (NDA) submission expected in Q4 2020. A recent study published in Molecular Genetics and Metabolism Reports validates the use of targeted next-generation sequencing for newborn screening of Menkes disease, which is crucial for early diagnosis and treatment. The study shows a 95.5% detection rate for pathogenic variants, suggesting that early identification could significantly improve patient outcomes.
Fortress Biotech (Nasdaq: FBIO) has been added to the Russell 3000 index effective June 29, 2020. This inclusion enhances the company's visibility among investors and institutions, potentially increasing stockholder value. The Russell 3000 comprises the largest U.S. stocks, ranking them by market capitalization. Fortress has a portfolio of five marketed drugs and over 25 development programs in areas like oncology and gene therapy. CEO Lindsay A. Rosenwald expressed optimism about this milestone and its implications for future growth.
Fortress Biotech (Nasdaq: FBIO) announced that Lindsay Rosenwald, M.D., will present a company overview at the Raymond James Human Health Innovation Conference on June 18, 2020, at 11:00 a.m. EDT, in a virtual format. Fortress is focused on acquiring and developing high-potential pharmaceutical products, with over 25 programs in development across areas like oncology and rare diseases. Recently ranked 10th in Deloitte's 2019 Technology Fast 500™, Fortress aims to maximize partnerships and advance its diversified pipeline.
Fortress Biotech, Inc. (FBIO) announced the publication of a study evaluating Menkes disease prevalence, revealing an estimated birth rate of 1 in 34,810 males. Previous estimates ranged from 1 in 40,000 to 1 in 354,507. The study suggests Menkes disease is under-reported, potentially due to healthcare access issues. Early diagnosis through newborn screening is recommended to enhance patient outcomes. CUTX-101, a treatment currently in development, aims to restore copper levels in affected patients and has shown promise in clinical trials.
Fortress Biotech has announced a public offering of 555,556 shares of its 9.375% Series A Preferred Stock at $18.00 per share, aiming for approximately $10 million in gross proceeds. Underwriters have a 45-day option for an additional 83,333 shares. The offering is set to close on or about May 29, 2020. Proceeds will fund operations, including R&D and clinical trials. The offering is managed by The Benchmark Company and ThinkEquity. This statement does not constitute an offer to sell securities where prohibited by law.
On May 8, 2020, Fortress Biotech, Inc. (FBIO) announced that its partner, Oncogenuity, has signed an exclusive licensing agreement with Columbia University. The focus is on developing ONCOlogues, advanced oligonucleotides targeting genetically driven cancers, particularly KRAS mutations considered 'un-druggable.' These ONCOlogues, which show potential efficacy in combating coronaviruses, are noted for their ability to bind gene sequences more effectively than traditional methods. Oncogenuity has established proof-of-concept in pre-clinical settings and plans to publish additional data within the next year.