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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.
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.
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