Welcome to our dedicated page for Fortress Biotech news (Ticker: FBIOP), a resource for investors and traders seeking the latest updates and insights on Fortress Biotech stock.
Fortress Biotech, Inc. 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (FBIOP) is a preferred equity security of Fortress Biotech, Inc., a biopharmaceutical company whose activities are frequently covered in corporate news releases. While FBIOP itself is a preferred stock, its news flow is closely tied to Fortress Biotech’s broader business developments, regulatory milestones and financial results.
Company press releases describe Fortress Biotech as a biopharmaceutical company focused on acquiring and advancing assets to enhance long-term value for shareholders through product revenue, equity holdings and dividend and royalty income. News items regularly highlight progress across oncology, dermatology and rare disease programs, including FDA approvals, clinical trial updates and commercialization efforts.
Recent announcements include U.S. Food and Drug Administration approvals for products such as Emrosi and UNLOXCYT (cosibelimab-ipdl), as well as the approval of ZYCUBO (copper histidinate) for Menkes disease through majority-owned subsidiary Cyprium Therapeutics in collaboration with Sentynl Therapeutics. Fortress has also reported monetization events such as the acquisition of its subsidiary Checkpoint Therapeutics by Sun Pharma and the sale of dotinurad-related rights by subsidiary Urica Therapeutics to Crystalys Therapeutics, with equity and royalty components described in the releases.
Investors following FBIOP can use the news stream associated with Fortress Biotech to monitor developments that the company itself highlights as relevant to its portfolio and financial position, including quarterly financial results, asset sales, regulatory designations and partnerships with institutions such as AstraZeneca, City of Hope, Fred Hutchinson Cancer Center, Nationwide Children’s Hospital, Columbia University, Dana Farber Cancer Center and Sentynl Therapeutics. This news page aggregates such disclosures so readers can review the company’s own descriptions of its activities and portfolio evolution over time.
Fortress Biotech (Nasdaq: FBIO) reported Q2 2024 financial results and corporate highlights. Key points include:
1. FDA acceptance of NDA for DFD-29 (rosacea treatment) with PDUFA date of November 4, 2024.
2. FDA acceptance of BLA resubmission for cosibelimab (cSCC treatment) with PDUFA date of December 28, 2024.
3. Q2 2024 product revenue of $14.9 million, up 15% from Q1 2024.
4. Cash position of $76.2 million as of June 30, 2024.
5. Net loss of $(13.3) million, or $(0.73) per share for Q2 2024.
6. R&D expenses decreased to $12.7 million in Q2 2024 from $32.1 million in Q2 2023.
7. New loan agreement with Oaktree Capital Management, resulting in a net $15 million debt reduction.
Fortress Biotech (Nasdaq: FBIO) has entered into a new loan agreement with Oaktree Capital Management for up to $50 million, receiving an initial $35 million tranche. This arrangement allows Fortress to repay its prior $50 million loan due in August 2025 and extends the maturity to July 2027. The new loan has a 30-month interest-only period with an interest rate of 3-month SOFR plus 7.625%.
The company expects this agreement to provide financial flexibility for long-term expansion, asset acquisition, and execution of its commercial business and late-stage pipeline. Fortress anticipates up to three regulatory approvals on NDAs and BLAs in the next 12 months and potentially a fourth BLA filing by 2025. This strategic partnership with Oaktree supports Fortress' ability to develop innovative assets addressing areas of high unmet medical need.
Fortress Biotech (Nasdaq: FBIO; FBIOP) announced a pause in dividend payments on its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock, effective July 1, 2024. This decision affects the dividend payment scheduled for July 31, 2024, and will defer around $0.7 million in monthly cash payments. The dividends will continue to accrue until further notice. The Board will regularly review this decision, considering the company’s profitability and cash flow. This move aims to maintain financial flexibility ahead of significant regulatory milestones, including potential approvals for DFD-29, cosibelimab, and CUTX-101 within the next 12 months.