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Fortress Biotech Reports Record First Quarter 2020 Financial Results and Recent Corporate Highlights
First quarter 2020 product revenue increased 95% year-over-year to $11.9 million NDA for IV tramadol accepted for review by FDA; assigned PDUFA date of
About this update from Fortress Biotech, Inc.
[{"type":"text","content":"First quarter 2020 product revenue increased 95% year-over-year to $11.9 million\n NDA for IV tramadol accepted for review by FDA; assigned PDUFA date of October 10, 2020 Agreement executed with Columbia University to develop a broad platform technology to effectively deliver novel, proprietary oligonucleotides to bind and directly disable mutant DNA with an initial target of KRAS-driven cancers; platform is also being explored as a potential treatment for coronaviruses NEW YORK, May 11, 2020 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), an innovative biopharmaceutical company, today announced financial results and recent corporate highlights for the first quarter ended March 31, 2020. Lindsay A. Rosenwald, M.D., Fortress’ Chairman, President and Chief Executive Officer, said, “The first quarter of 2020 was another record revenue quarter for Fortress Biotech. Revenue from our dermatology products marketed by our partner company, Journey Medical Corporation, increased 95% compared to the first quarter of 2019, demonstrating the strength of our commercial operations. We intend to acquire one to two new prescription products this year.” Dr. Rosenwald continued, “We also made significant progress across our robust pipeline of development-stage product candidates in the first quarter. Notably, IV tramadol was assigned a PDUFA date of October 10, 2020. If IV tramadol is approved by the FDA and Avenue Therapeutics is acquired, we would expect to realize approximately $48 million, plus future contingent value rights. After a strong start to the year, we look forward to delivering key value-creating catalysts throughout the rest of 2020.” Recent Corporate Highlights1: Marketed Dermatology Products Our dermatology products are marketed by our partner company, Journey Medical Corporation.Our five marketed specialty dermatology products generated first quarter 2020 net revenues of $11.9 million, compared to first quarter 2019 net revenues of $6.1 million, representing growth of 95% year-over-year.We intend to acquire one to two new prescription products in 2020. IV Tramadol In February 2020, the U.S. Food and Drug Administration (\"FDA\") accepted the submission of Avenue Therapeutics’ New Drug Application (\"NDA\") for IV tramadol for review and assigned a Prescription Drug User Fee Act (“PDUFA”) date of October 1...