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Fortress Biotech Announces Pricing of $10.0 Million Public Offering
MIAMI, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress” or “Company”), an innovative biopharmaceutical company focused on
About this update from Fortress Biotech, Inc.
[{"type":"text","content":"MIAMI, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq: FBIO) (“Fortress” or “Company”), an innovative biopharmaceutical company focused on efficiently acquiring, developing and commercializing or monetizing promising therapeutic products and product candidates, today announced the pricing of its public offering of an aggregate of 5,885,000 units, at a public offering price of $1.70 per unit, consisting of (i) one share of common stock (or one pre-funded warrant in lieu thereof) and (ii) one warrant to purchase one share of common stock, immediately exercisable at a price of $1.70 per share and expiring five years from the date of issuance. Certain directors and officers of the Company participated in the offering and purchased an aggregate amount of approximately $2.9 million of units at the same purchase price. The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are expected to be approximately $10.0 million. Fortress expects to use the net proceeds from the offering for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital. Roth Capital Partners is acting as exclusive placement agent for the offering. The offering is expected to close on or about November 14, 2023, subject to the satisfaction of customary closing conditions. The securities described above are being offered pursuant to a registration statement on Form S-3 (File No. 333-258145), which was declared effective by the Securities and Exchange Commission (the “SEC”) on July 30, 2021. The offering is being made only by means of a prospectus which is a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. Copies of the final prospectus relating to this offering, when available, will be filed with the SEC and may be obtained from Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach, CA 92660, or by phone at (800) 678-9147 or email at [email protected]. Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. This press release does not constitute an off...