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
Fortress Biotech reported record net revenue of $17.8 million for Q2 2021, an 89% increase year-over-year. The company generated $15.3 million from marketed dermatology products, up from $9.4 million. Fortress continues its growth trajectory by acquiring QBREXZA® and in-licensing several promising drug candidates. Key clinical milestones are expected, including top-line results from cosibelimab studies and a rolling NDA submission for CUTX-101 aimed at treating Menkes disease by year-end 2021.
Journey Medical Corporation has announced a partnership with Dr. Reddy’s Laboratories Ltd. to conduct two Phase 3 clinical trials for DFD-29, an oral formulation of minocycline aimed at treating rosacea. Journey Medical has acquired global commercialization rights except in specific markets. Previous Phase 2 trials showed DFD-29's efficacy, outperforming the existing treatment, Oraycea®. This collaboration is seen as a significant milestone for Journey Medical, expanding its dermatological footprint.
Fortress Biotech announced the participation of Lindsay A. Rosenwald, M.D., in three virtual investor conferences in June 2021. The events include the Summer Solstice Virtual Conference on June 2 at 1:00 PM ET, the LD Micro Invitational XI on June 9 at 2:00 PM ET, and the Raymond James Human Health Innovation Conference on June 22 at 3:20 PM ET. Webcasts of these presentations will be accessible on Fortress's website for 30 days post-event. Fortress, recognized in Deloitte’s Fast 500 for revenue growth, is focused on acquiring and developing biopharmaceutical products across several therapeutic areas.
Fortress Biotech, Inc. (NASDAQ: FBIO) announces a webinar featuring the management of its dermatology partner, Journey Medical Corporation, on May 19, 2021, at 1:00 p.m. ET. The webinar will be hosted by Scott R. Henry from ROTH Capital Partners. Journey Medical focuses on commercializing innovative dermatology products, currently marketing seven treatments for skin conditions. Fortress is recognized for its fast growth and has seven marketed products and over 25 development programs in areas like oncology and gene therapy.
Fortress Biotech (FBIO) reported Q1 2021 financial results, showing a consolidated cash position of $291.5 million, up from $235.0 million at year-end 2020. The company's net revenue was $11.6 million, down from $12.9 million year-over-year. The decline in revenue is attributed to increased coupon expenses. Fortress launched two new dermatology products, boosting its total to seven. Key developments include a forthcoming NDA submission for CUTX-101 for Menkes disease and anticipated results for cosibelimab in squamous cell carcinoma by year-end 2021.
Fortress Biotech (FBIO) reported its Q1 2021 financial results, ending with $291.5 million in cash. The company launched two new dermatology products, raising its total to seven. Revenue from marketed products was $10.7 million, a decline from $11.9 million in Q1 2020 due to increased coupon costs. The company is on track for a rolling NDA submission for CUTX-101 for Menkes disease in H2 2021 and expects key data from clinical trials by year-end. The net loss attributable to common stockholders was $8.8 million or $0.11 per share, improved from a loss of $12.4 million in the previous year.
Fortress Biotech has signed an exclusive agreement with Fuji Yakuhin to develop Dotinurad, a URAT1 inhibitor for gout and other hyperuricemic conditions, in North America and Europe. Approved in Japan in 2020, Dotinurad demonstrated efficacy and safety in Phase 3 trials involving over 500 patients. The partnership allows Fortress to leverage data from these trials while Fuji stands to gain from milestone and royalty payments. With nearly 20 million gout patients across the targeted regions, this collaboration presents substantial market potential.
Fortress Biotech (NASDAQ: FBIO) announced that CEO Lindsay A. Rosenwald will participate in the 20th Annual Needham Virtual Healthcare Conference from April 12-15, 2021. Fortress will present on April 12 at 4:30 p.m. ET, and one-on-one meetings will also be held. The presentation will be available via a webcast on the company's website for about 30 days.
Fortress focuses on developing and commercializing promising biopharmaceutical products, boasting seven marketed drugs and over 25 in development.
Journey Medical Corporation, a partner of Fortress Biotech (NASDAQ: FBIO), has secured a $7.5 million working capital line of credit from East West Bank. The credit line, backed by Journey Medical's receivables and cash, carries an interest rate of 4.25% or the Prime Rate plus 1%, and is set to expire in 36 months. The funds will be used for general corporate purposes and to advance the company's portfolio in dermatology products. Journey Medical aims to enhance its market position by acquiring additional dermatology products and commercializing its existing offerings.
Journey Medical Corporation, a partner of Fortress Biotech (NASDAQ: FBIO), has announced its definitive agreement to acquire QBREXZA from Dermira, a subsidiary of Eli Lilly. This prescription cloth towelette is the first approved treatment for primary axillary hyperhidrosis for patients aged nine and older. The acquisition is expected to close in early Q2 2021, with QBREXZA generating $24 million in net sales in 2020. The product is recognized as a first-line treatment by the International Hyperhidrosis Society and aims to help approximately 10 million Americans suffering from excessive sweating.
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