Tuesday, September 28, 2021

Is the Sky the Limit For Fortress Biotech, Inc (FBIO) Stock?

Fortress Biotech, Inc. (FBIO) stock prices saw a 0.7% increase at market close, situating it at USD$5.48. This is the continuation of a consistent and gradual increase in FBIO stock price, with a more pronounced increase recently following certain developments.


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Acquisition of QBREXZA

Journey Medical Corporation, a partner company of FBIO, announced at the start of April 2021 that it would be expanding its footprint in dermatology with the acquisition of QBREXZA from Dermira, Inc. QBREXZA is the only FDA approved topical product for the treatment of primary axillary hyperhidrosis in users aged 9 and up. Having generated USD$24 million in net sales in 2020, one of QBREXZA’s key features is that it is a self-administered product. The expected closing date for this transaction is anticipated for Q2 of 2021.

Line of Credit


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Another positive development is that of the agreement between Journey Medical Corp. (Journey) and East West Bank (EWB) wherein EWB will provide Journey with USD$7.5 million in a line of credit for working capital. This LOC will be secured by Journey’s receivables and cash reserves. The agreement is set to expire in 3 years and carries an interest rate of either 4.25% or Prime Rate plus 1%, whichever is higher. Journey plans to use this capital for general corporate purposes, including expanding their product portfolio.

Steering Clear of a Public Offering

Investors typically favor self-sustained funding moves over dilutions of existing shares through a public offering, which commonly sees a selling off of shares by stockholders who don’t want the value of their shares to be diluted.

CUTX-101 progress

FBIO is also partnering up with SentynlTherepeutics and Cyprium Therapeutics in the current development of CUTX-101, a treatment for Menkes disease that is in Phase 3 of its clinical trials. The involved parties have entered a Development and Asset Purchase agreement. Rolling submission of the NDA will commence in the second half of 2021.

IV Tramadol Awaits FDA Approval

Avenue Therapeutics, Inc (ATXI), founded by FBIO, is currently awaiting FDA approval for its intravenous tramadol. Should it be approved, this product could be a viable alternative in the use of conventional opioids to treat patients with acute pain. Needless to say, FDA approval could prove to be very financially lucrative and many anticipate a surge in FBIO stock prices.

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