Business
Fortress Biotech Reports Record Third Quarter 2021 Financial Results and Recent Corporate Highlights
Net revenue for third quarter of 2021 increased 123% year-over-year to $21.1 million, a quarterly record Journey Medical Corporation, a Fortress partner
About this update from Fortress Biotech, Inc.
[{"type":"text","content":"Net revenue for third quarter of 2021 increased 123% year-over-year to $21.1 million, a quarterly record Journey Medical Corporation, a Fortress partner company, launched its $35.2 million initial public offering AstraZeneca acquired Caelum Biosciences; Fortress received $56.9 million upfront1 Rolling NDA submission for CUTX-101 for the treatment of Menkes disease is expected to be initiated in the fourth quarter of 2021 Top-line results from registration-enabling study of cosibelimab in metastatic cutaneous squamous cell carcinoma expected around year-end 2021 NEW YORK, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), an innovative biopharmaceutical company focused on acquiring, developing and commercializing or monetizing promising biopharmaceutical products and product candidates cost-effectively, today announced financial results and recent corporate highlights for the third quarter ended September 30, 2021. Lindsay A. Rosenwald, M.D., Fortress’ Chairman and Chief Executive Officer, said, “Fortress and our partner companies continue to achieve significant clinical and corporate milestones as we develop new treatment options for patients in need and create long-term value for our shareholders. We attained a new quarterly record for net revenue, $21.1 million, which is an increase of 123% year-over-year. Journey Medical Corporation (“Journey”), our partner company, launched its initial public offering (“IPO”) of 3,520,000 shares at $10.00 per share for gross proceeds of $35.2 million. Additionally, AstraZeneca’s Alexion acquired Caelum Biosciences, Inc. (“Caelum”) a company founded by Fortress, for an upfront payment of approximately $150 million paid to Caelum shareholders, of which approximately $56.9 million was paid to Fortress.1 The agreement also provides for additional contingent payments to Caelum stockholders totaling up to $350 million, payable upon the achievement of regulatory and commercial milestones. Fortress is eligible to receive 42.4% of all proceeds from the transaction, totaling up to approximately $212 million. Our CAR T cell therapy portfolio continues to advance, with a $2 million grant awarded by the National Cancer Institute (“NCI”) to partially fund our Mustang Bio, Inc. (“Mustang Bio”)-sponsored Phase 1/2 trial of MB-106, a CD20-targeted, autologous CAR T cell the...