Fortress Biotech Inc. (FBIO) stock was rising by 8.82% to trade at the price of %5.92 in the aftermarket, at the time of writing. FBIO’s stock closed in Friday’s session by trading at $5.44 which is an 11.48% gain. The stock volume traded is 22 million shares which is higher than the average daily volume of 1.63 million for the past 50 days. FBIO shares had moved by 41.30% in the past week and in the past three months It gained 56.77%. Furthermore, for the past 6 months and 12 months, it has added 26.22% and 186.32% respectively.
Fortress’s operational activities in April
Fortress Biotech Inc. and specifically its partner Journey Medical Corporation’s stock have been performing fundamentally well recently and they have been very active operation activity-wise in the start of April.
Fortress BioTech Inc. (NASDAQ: FBIO) announced on 7th April 2021 that it will participate on the 20th Annual Needham Virtual Healthcare Conference which will take place from today 12th to 15th of April. Fortress’s Chief Executive Officer, President, and Chairman, LindsayA. Rosenwald, M.D, will participate in the meeting as well as one-on-one meetings during the conference. The company’s presentation will be available on their website link (click here)
On 5th April, the partner company of Fortress BiotTech, Inc. named Journey Medical Corporation announced that it has entered into an agreement on Line of Credit with East West Bank for the amount of $7.5 million. This line of credit will be entered and received into receivables and cash of the company with an interest rate greater of 4.25%.
On 1sth April, the Journey Medical Corporation had announced an agreement to acquire Qbrexza (glycopyrronium) which is the treatment of primary axillary hypherhidrosis in adults and pediatric populations, as well as self-administered patients. This issue is pertinent to the characterization of excessive sweating on the hand’s palms, soles of feet, armpit, groin area and under the breasts. Qbrexza is approved by the Food and Drug Administration and has generated $24 million net sales in the USA, 2020. Journey Medical Corporation will close the transaction early in the second quarter of this year.
Fortress Biotech Inc.’s candidate programs and acquisitions
Fortress Biotech Inc. is a biopharmaceutical company that focuses mainly on acquisition, development and commercialization of high-potential marketed and development-stage drugs and drug candidates. The product candidates that Fortress currently has in its pipeline include the bio-pharmaceutical areas of oncology, gene therapy and rare diseases. For these areas of expertise, 7 of the candidates have been marketed as pharmaceutically prescribed products and over 25 programs in development progress. Together these developed and developing products in the pipeline cover 6 large market areas which show that the FBIO stock is highly diversified.
The business model
To maintain these diversified and expansionary operational activities, FBIO has a team model structured around world-class business development team that has the expertise of the biopharmaceutical industry. This is highly crucial for the company to expand the company into new avenues of biopharmaceutical product opportunities.
FBIO stock, as an opportunity to expand biopharmaceutical products, has extended partnerships with several world-renowned and famous biopharmaceutical companies as well as institutions which include AstraZeneca, Fred Hutchinson Cancer Research Center, Nationwide Children’s Hospital as well as many others.