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 (Nasdaq: FBIO), an innovative biopharmaceutical company, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. Lindsay A. Rosenwald, M.D., the company's Chairman, President, and CEO, will present a corporate overview at the event. The presentation will be available for on-demand viewing by conference attendees starting on September 9, 2024, at 7:00 a.m. ET.
Fortress Biotech focuses on acquiring and advancing assets to enhance long-term shareholder value through various revenue streams, including product revenue, equity holdings, and dividend and royalty revenue. The company will also participate in one-on-one meetings during the conference, providing an opportunity for more in-depth discussions with investors and industry professionals.
Journey Medical (Nasdaq: DERM), a commercial-stage pharmaceutical company specializing in FDA-approved dermatological treatments, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. Claude Maraoui, President and CEO, will present a corporate overview available for on-demand viewing starting September 9, 2024, at 7:00 a.m. ET.
The company will also engage in one-on-one meetings during the conference. Investors can access a replay of the presentation on Journey Medical's website for approximately 30 days after the event, providing an opportunity to gain insights into the company's strategies and performance in the dermatological pharmaceutical market.
Checkpoint Therapeutics (Nasdaq: CKPT), a clinical-stage immunotherapy and targeted oncology company, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. James Oliviero, the company's President and CEO, will deliver a corporate overview on September 10, 2024, at 10:00 a.m. ET.
The presentation will be accessible via webcast on Checkpoint's investor relations website for approximately 30 days following the event. Additionally, the company will engage in both in-person and virtual one-on-one meetings during the conference, providing an opportunity for investors to gain deeper insights into Checkpoint's operations and strategies.
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.
Journey Medical (Nasdaq: DERM) reported financial results for Q2 2024. Key highlights include:
- Total revenues of $14.9 million, a 14% increase from Q1 2024
- Net loss reduced by $5.0 million to $3.4 million or $(0.17) per share
- Positive Adjusted EBITDA of $0.3 million
- Cash and cash equivalents of $23.9 million as of June 30, 2024
The company's New Drug Application for DFD-29 to treat rosacea is under FDA review with a PDUFA goal date of November 4, 2024. Journey Medical appointed Joseph M. Benesch as CFO and Michael C. Pearce to its Board of Directors. The company remains on track to deliver its 2024 financial guidance.
Checkpoint Therapeutics (Nasdaq: CKPT) reported Q2 2024 financial results and corporate updates. Key highlights include:
1. FDA accepted resubmission of BLA for cosibelimab in cSCC with PDUFA date of December 28, 2024.
2. Collaboration announced to explore cosibelimab with GC Cell's Immuncell-LC.
3. Completed registered direct offering for $12.0 million in gross proceeds.
Financial results:
- Cash position: $5.0 million as of June 30, 2024
- R&D expenses: $4.5 million, down from $13.9 million in Q2 2023
- G&A expenses: $2.2 million, slightly down from $2.3 million in Q2 2023
- Net loss: $6.7 million ($0.18 per share), improved from $16.5 million ($1.05 per share) in Q2 2023
Journey Medical (Nasdaq: DERM), a commercial-stage pharmaceutical company focusing on FDA-approved dermatological treatments, has announced it will release its second quarter 2024 financial results on August 12, 2024, after U.S. market close. The company will host a conference call and audio webcast at 4:30 p.m. ET on the same day to discuss the results and provide a corporate update.
Interested parties can join the call by dialing 1-866-777-2509 (domestic) or 1-412-317-5413 (international). Participants can also register online to receive a dial-in number. A live audio webcast will be available on the company's website and will remain accessible for approximately 30 days after the call.
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.
Checkpoint Therapeutics (Nasdaq: CKPT) announced that the FDA has accepted its resubmitted Biologics License Application (BLA) for cosibelimab, an anti-PD-L1 antibody, for treating advanced cutaneous squamous cell carcinoma (cSCC). The FDA set a PDUFA goal date of December 28, 2024. This resubmission addresses the complete response letter (CRL) issued in December 2023, which only cited issues with the third-party contract manufacturing organization. Notably, the CRL did not raise concerns about the clinical data package, safety, or labeling for cosibelimab's approvability. Checkpoint's CEO expressed satisfaction with the FDA's acceptance and looks forward to potentially delivering cosibelimab's unique dual mechanism of action to cSCC patients.
GC Cell (KRX: 144510.KS) and Checkpoint Therapeutics (Nasdaq: CKPT) have announced a collaboration to explore the combined therapeutic potential of cosibelimab, Checkpoint's anti-PD-L1 antibody, with GC Cell's Immuncell-LC, an autologous Cytokine Induced Killer (CIK) T cell therapy. The partnership will initially focus on in vitro combination studies to evaluate synergistic effects on cancer cell destruction.
The anticipated synergy leverages cosibelimab's antibody-dependent cellular cytotoxicity (ADCC) mechanism and Immuncell-LC's CIK T cell response. Positive preliminary data could lead to future in vivo research and clinical studies. Both companies' CEOs expressed optimism about the collaboration's potential to set new standards in immuno-oncology and possibly result in commercial licensing or joint development opportunities.
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