Journey Medical Corporation Announces Launch of its Initial Public Offering
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.
- IPO aimed at raising capital for growth and expansion.
- Potential to enhance public market presence and increase shareholder base.
- The offering may lead to shareholder dilution.
- Market conditions may affect the successful completion of the IPO.
SCOTTSDALE, Ariz., Nov. 08, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, and a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced that it has launched an initial public offering of 3,200,000 shares of its common stock. In addition, Journey Medical expects to grant the underwriters a 30-day option to purchase up to an additional 480,000 shares of its common stock at the public offering price, less the underwriting discount. All of the shares of common stock are being offered by Journey Medical. The initial public offering price is expected to be between
B. Riley Securities is acting as the sole book-running manager for the proposed offering. Roth Capital Partners is acting as a co-manager for the proposed offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, by telephone: 703-312-9580, or by email at prospectuses@brileyfin.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Journey Medical Corporation
Journey Medical Corporation (“Journey Medical”) is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions. The Journey Medical team is comprised of industry experts with extensive experience commercializing some of the most successful prescription dermatology brands. Journey Medical is located in Scottsdale, Arizona and is a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “we,” “us” and “our” refers to Journey. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results and financial condition. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; risks relating to the timing of starting and completing clinical trials; our dependence on third-party suppliers; risks relating to the COVID-19 outbreak and its potential impact on our employees’ and consultants’ ability to complete work in a timely manner and on our ability to obtain additional financing on favorable terms or at all; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; and competition. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
Company Contacts:
Jaclyn Jaffe and Bill Begien
(781) 652-4500
ir@fortressbiotech.com
Media Relations Contact:
Tony Plohoros
6 Degrees
(908) 591-2839
tplohoros@6degreespr.com
FAQ
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