Business
Journey Medical Corporation Announces Closing of Initial Public Offering
SCOTTSDALE, Ariz., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company
About this update from Journey Medical Corporation
[{"type":"text","content":"SCOTTSDALE, Ariz., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, and a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced the closing of its initial public offering of common stock of 3,520,000 shares at a public offering price of $10.00 per share, for gross proceeds of $35.2 million, before deducting underwriting discounts and offering expenses. All of the shares of common stock were offered by Journey Medical. Journey Medical’s common stock is trading on the Nasdaq Capital Market under the ticker symbol “DERM.” B. Riley Securities acted as the sole book-running manager for the offering. Roth Capital Partners acted as a co-manager for the offering. Alston & Bird LLP served as legal counsel to Journey Medical and McGuireWoods LLP served as legal counsel to the underwriters. The Company expects to use the net proceeds from the sale of the shares for general corporate purposes, including working capital, research and development, payments for research and development – licenses acquired, sales and marketing activities, general administrative matters, operating expenses and capital expenditures. The Company may also use a portion of the net proceeds from the offering to acquire or invest in businesses, products, services or technologies. The offering of these shares was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, by telephone: 703-312-9580, or by email at [email protected]. The offering was made pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). This registration statement relating to the offering was filed with the SEC and is available at the SEC's website at http://www.sec.gov. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or...