Fortress Biotech Announces Pricing of $10.0 Million Public Offering
10 Noviembre 2023 - 7:15AM
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 rothecm@roth.com. 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 offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there by any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Fortress Biotech
Fortress Biotech, Inc. (“Fortress”) is an
innovative biopharmaceutical company focused on efficiently
acquiring, developing and commercializing or monetizing promising
therapeutic products and product candidates. The company has eight
marketed prescription pharmaceutical products and over 25 programs
in development at Fortress, at its majority-owned and
majority-controlled partners and subsidiaries and at partners and
subsidiaries it founded and in which it holds significant minority
ownership positions. Such product candidates span six large-market
areas, including oncology, rare diseases and gene therapy, which
allow it to create value for shareholders. Fortress advances its
diversified pipeline through a streamlined operating structure that
fosters efficient drug development. The Fortress model is focused
on leveraging its significant biopharmaceutical industry expertise
and network to further expand the company’s portfolio of product
opportunities. Fortress has established partnerships with some of
the world’s leading academic research institutions and
biopharmaceutical companies to maximize each opportunity to its
full potential, including AstraZeneca, City of Hope, Fred
Hutchinson Cancer Center, St. Jude Children’s Research Hospital,
Nationwide Children’s Hospital and Sentynl. For more information,
visit www.fortressbiotech.com.
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934, as
amended. As used below and throughout this press release, the words
“we”, “us” and “our” may refer to Fortress individually or together
with one or more partner companies, as dictated by context. Such
statements include, but are not limited to, any statements relating
to the competition of the offering or use or proceeds, the ability
to satisfy the closing conditions related to the offering and the
overall timing and completion of such closing; expectations for
increases or decreases in expenses; any statements relating to our
growth strategy and product development programs, ability to
generate shareholder value, ability of our products to receive
necessary approvals, including FDA approval, ability of our
products and therapies to help patients and any other statements
that are not historical facts. Forward-looking statements are based
on management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results, financial condition and stock price. Factors that could
cause actual results to differ materially from those currently
anticipated include, risks relating to: our growth strategy;
financing and strategic agreements and relationships; our need for
substantial additional funds and uncertainty relating to
financings; our ability to identify, acquire, close and integrate
product candidates successfully and on a timely basis; our ability
to attract, integrate and retain key personnel; the early stage of
products under development; the results of research and development
activities; uncertainties relating to preclinical and clinical
testing; risks relating to the timing of starting and completing
clinical trials; the ability to secure and maintain third-party
manufacturing, marketing and distribution of our and our partner
companies’ products and product candidates; government regulation;
patent and intellectual property matters; competition; as well as
other risks described in Part I, Item 1A, “Risk Factors,” in our
Annual Report on Form 10-K filed on March 31, 2023, subsequent
Reports on Form 10-Q, and our other filings we make with the
Securities and Exchange Commission. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as may be required by law, and we claim the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995. The information
contained herein is intended to be reviewed in its totality, and
any stipulations, conditions or provisos that apply to a given
piece of information in one part of this press release should be
read as applying mutatis mutandis to every other instance of such
information appearing herein.
Company Contact:Jaclyn JaffeFortress Biotech,
Inc.(781) 652-4500ir@fortressbiotech.com
Media Relations Contact:Tony Plohoros6
Degrees(908) 591-2839tplohoros@6degreespr.com
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