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. (symbol: FBIO) is a pioneering biopharmaceutical company focused on acquiring, developing, and commercializing innovative pharmaceutical and biotechnology products. The company operates through a unique model of establishing subsidiary companies, collectively known as Fortress companies, to promote research, development, and commercialization efforts.
Fortress Biotech leverages its deep expertise in the biopharmaceutical industry and drug development to support its subsidiaries. The company offers funding, management services, and strategic guidance to bolster the success of its Fortress companies. This collaborative approach enables the subsidiaries to focus on breakthrough innovations while benefiting from Fortress Biotech's resources and infrastructure.
The company's diverse product portfolio includes several key products such as Qbrexza, Accutane, Amzeeq, Zilxi, Targadox, Ximino, and Exelderm. These products span across therapeutic areas with a significant focus on dermatology, where Fortress derives the majority of its revenue. Beyond dermatology, the company and its subsidiaries are deeply engaged in biotechnology, pharmaceutical development, oncology, and therapeutics.
Fortress Biotech continuously seeks strategic partnerships, licensing opportunities, joint ventures, and public and private financing to accelerate and support its research and development programs. These collaborations aim to enhance the company's capacity to bring novel treatments to market and address unmet medical needs.
For the latest updates and events, including financial results discussions and corporate updates, Fortress Biotech frequently engages with its stakeholders through conference calls and press releases.
For more information or media inquiries, please contact:
Jaclyn Jaffe, Fortress Biotech, Inc.: (781) 652-4500, ir@fortressbiotech.com
Tony Plohoros, 6 Degrees: (908) 591-2839, tplohoros@6degreespr.com
Journey Medical Corporation (NASDAQ: DERM) announced that its licensing partner, Maruho Co., Ltd., received approval from Japan's Ministry of Health for Rapifort® Wipes 2.5%, used for treating primary axillary hyperhidrosis. This milestone triggers a $10 million payment, with Journey receiving $2.5 million. The approval expands Journey's revenue beyond U.S. sales. Rapifort® Wipes is a derivative of QBREXZA, which is FDA-approved for similar use in the U.S. and recognized by the International Hyperhidrosis Society as a first-line treatment.
Fortress Biotech, Inc. (NASDAQ: FBIO) will present a corporate update at the 2nd Annual Winter Wonderland Best Ideas Virtual Investor Conference on February 9, 2022, at 9:30 a.m. ET. Lindsay A. Rosenwald, M.D., the Chairman, President, and CEO, will also engage in one-on-one meetings during the conference. A live webcast of the presentation will be available on Fortress's website for approximately 30 days post-event. Fortress Biotech focuses on acquiring, developing, and commercializing pharmaceutical products, with a diverse pipeline that includes over 30 development programs in areas like oncology and gene therapy.
Journey Medical (NASDAQ: DERM) has announced the acquisition of VYNE Therapeutics' Molecule Stabilizing Technology franchise for $20 million upfront, plus an additional $5 million after one year, with further milestone payments of up to $450 million based on net sales achievements. This acquisition includes the FDA-approved products AMZEEQ® for acne and ZILXI® for rosacea, and expands Journey Medical's dermatology portfolio to nine products. Additionally, the company increased its credit agreement with East West Bank to $30 million to support growth.
Fortress Biotech (NASDAQ: FBIO) announced that Dr. Lindsay A. Rosenwald, Chairman and CEO, will present at the H.C. Wainwright BioConnect Virtual Conference from January 10 to January 13, 2022. The presentation will be available for on-demand viewing on Fortress’ website starting January 10, 2022, at 7:00 a.m. EST, for 30 days. Fortress Biotech focuses on developing and commercializing biopharmaceutical products, with a diverse pipeline that includes seven marketed products and over 30 in development across oncology, rare diseases, and gene therapy.
Fortress Biotech (FBIO) celebrated its 10-year anniversary on the Nasdaq by ringing the closing bell on December 21, 2021. Chairman and CEO Lindsay A. Rosenwald highlighted the company's growth, boasting a 123% increase in net revenue year-over-year, totaling $21.1 million. Fortress has built a strong portfolio, including seven marketed pharmaceuticals and over 30 product candidates spanning oncology, gene therapy, and dermatology. Additionally, the company generated approximately $56.9 million from the sale of Caelum Biosciences to AstraZeneca, reinforcing its financial position.
Fortress Biotech announced the initiation of a Phase 2 clinical trial for Triplex, a cytomegalovirus (CMV) vaccine, targeting adults co-infected with HIV. Developed by City of Hope, the trial aims to assess the vaccine's safety and ability to elicit a CMV-specific immune response, potentially reducing CMV replication. A total of 90 participants will receive either the vaccine or a placebo over a 96-week study period. Previous studies show Triplex as safe and immunogenic, emphasizing its potential role in managing CMV-related complications in HIV patients.
Journey Medical (NASDAQ: DERM) reported net revenues of $19.6 million for Q3 2021, a 108% increase from $9.4 million in Q3 2020. The company completed its initial public offering, raising $31.2 million in net proceeds. Although the net loss for Q3 2021 was $10.6 million ($1.16 per share), this was an improvement compared to a net loss of $22.2 million ($2.43 per share) in Q3 2020. Journey Medical anticipates dosing the first patient in its Phase 3 clinical program for DFD-29 in Q1 2022 while expanding its leadership team.
Journey Medical Corporation (NASDAQ: DERM) announced its participation at the Benzinga Global Small Cap Conference, taking place virtually from December 8-9, 2021. CEO Claude Maraoui and CFO Ernie De Paolantonio will present a corporate overview on December 9 at 11:10 AM EST. They will also be available for one-on-one meetings during the conference. Journey Medical specializes in developing and commercializing products for dermatological conditions and was founded by Fortress Biotech (NASDAQ: FBIO).
Cyprium Therapeutics, a partner of Fortress Biotech (FBIO), has initiated a rolling submission of a New Drug Application (NDA) for CUTX-101 to the FDA for treating Menkes disease. The submission is expected to complete in mid-2022. Positive results from pivotal studies demonstrate CUTX-101's safety and efficacy, and the drug has received several FDA designations. If approved, CUTX-101 could be the first treatment for this rare disease, addressing a significant unmet need. Fortress stands to receive up to $20 million in milestones and continues to oversee CUTX-101's development.
Journey Medical Corporation (NASDAQ: DERM) has expanded its board of directors, admitting four new independent members: Jeffrey Paley, M.D., Justin Smith, Miranda Toledano, and Neil Herskowitz. This strategic move supports the company following its recent IPO. Executive Chairman Lindsay Rosenwald emphasized the new board members' extensive expertise in finance and dermatology, aiming to drive growth and commercialization of dermatological products. Journey Medical currently has seven marketed products and one in clinical development, indicating potential for future expansion.
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