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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Fortress Biotech Inc | NASDAQ:FBIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 1.76 | 1.80 | 25 | 13:49:05 |
Dr. Lindsay A. Rosenwald, Fortress’ Chairman, President and Chief Executive Officer, said, “Fortress had another productive year in 2016 and early 2017, with the launch of three additional Fortress Company subsidiaries, Cellvation, Caelum Biosciences, and Cyprium Therapeutics, which broaden our pipeline in cellular therapeutics and rare disease. In addition, we completed a tender offer purchasing a majority of National Holdings Corporation, a full service investment banking and advisory firm, which has a significant presence in biotechnology and the life sciences. National presents multiple opportunities for synergies with our core biotech drug development business. At the same time, our established Fortress Companies have continued to achieve significant milestones, including the publication of a case study in The New England Journal of Medicine in which Mustang Bio’s MB-101 CAR T therapy achieved an unprecedented complete response in a glioblastoma patient. In 2017, we plan to continue to work with our Fortress Companies to advance their pipelines in and toward clinical development, and explore opportunities to strengthen our subsidiary company portfolio.”
Financial Results:
Recent Fortress Biotech and Fortress Company Highlights:
Fortress Biotech, Inc.
Avenue Therapeutics, Inc.
Caelum Biosciences, Inc.
Cellvation, Inc.
Checkpoint Therapeutics, Inc.
Cyprium Therapeutics, Inc.
Helocyte, Inc.
Journey Medical Corporation (JMC)
Mustang Bio, Inc.
About Fortress BiotechFortress Biotech, Inc. (“Fortress”) is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products. Fortress develops and commercializes products both within Fortress and through certain of its subsidiary companies, also known as Fortress Companies. Additionally, Fortress recently acquired a controlling interest in National Holdings Corporation (NASDAQ:NHLD), a diversified independent brokerage company (together with its subsidiaries, “NHLD”). In addition to its internal development programs, Fortress leverages its biopharmaceutical business expertise and drug development capabilities and provides funding and management services to help the Fortress Companies achieve their goals. Fortress and the Fortress Companies may seek licensings, acquisitions, partnerships, joint ventures and/or public and private financings to accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com.
Forward-Looking StatementsThis 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. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs 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; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to 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; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. 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 required by law.
FORTRESS BIOTECH, INC. AND SUBSIDIARIESConsolidated Balance Sheets ($ in thousands except for share and per share amounts) | ||||||||
December 31, | ||||||||
2016 | 2015 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 88,294 | $ | 98,182 | ||||
Accounts receivable | 1,830 | - | ||||||
Cash deposits with clearing organizations | 1,030 | - | ||||||
Receivables from broker-dealers and clearing organizations | 3,357 | - | ||||||
Forgivable loans receivable | 1,712 | - | ||||||
Securities owned, at fair value | 2,357 | - | ||||||
Inventory | 203 | - | ||||||
Other receivables - related party | 1,790 | 156 | ||||||
Prepaid expenses and other current assets | 9,061 | 1,599 | ||||||
Total current assets | 109,634 | 99,937 | ||||||
Property and equipment, net | 7,376 | 309 | ||||||
Restricted cash | 15,860 | 14,586 | ||||||
Long-term investments, at fair value | 1,414 | 2,485 | ||||||
Intangible asset - license | 17,408 | 1,250 | ||||||
Goodwill | 18,645 | - | ||||||
Other assets | 394 | 43 | ||||||
Total assets | $ | 170,731 | $ | 118,610 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 24,295 | $ | 10,438 | ||||
Accrued commissions and payroll payable | 11,940 | - | ||||||
Deferred clearing and marketing credits | 995 | - | ||||||
Securities sold, not yet purchased, at fair value | 298 | - | ||||||
Warrants issuable - National | 14,359 | - | ||||||
Interest payable | 88 | 27 | ||||||
Interest payable - related party | 77 | - | ||||||
Notes payable, short-term | 1,000 | - | ||||||
Subsidiary convertible note, short-term, at fair value | 1,031 | - | ||||||
Contingently issuable liabilities | 1,682 | - | ||||||
Derivative warrant liability | 481 | 114 | ||||||
Other current liabilities | 319 | - | ||||||
Total current liabilities | 56,565 | 10,579 | ||||||
Notes payable, long-term (net of debt discount of $2,009 and $835 at December 31, 2016 and December 31, 2015, respectively) | 22,528 | 23,174 | ||||||
Subsidiary convertible note, long-term, at fair value | 3,656 | - | ||||||
Other long-term liabilities | 5,014 | 584 | ||||||
Total liabilities | 87,763 | 34,337 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Convertible Preferred stock, $.001 par value, 129,767 Series C shares authorized, 0 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | - | - | ||||||
Common Stock, $.001 par value, 100,000,000 shares authorized, 48,932,023 and 47,147,032 shares issued and outstanding as of December 31, 2016 and December 31, 2015, respectively | 49 | 47 | ||||||
Additional paid-in-capital | 283,697 | 246,955 | ||||||
Accumulated deficit | (245,251 | ) | (190,156 | ) | ||||
Total stockholders' equity attributed to the Company | 38,495 | 56,846 | ||||||
Non-controlling interests | 44,473 | 27,427 | ||||||
Total stockholders' equity | 82,968 | 84,273 | ||||||
Total liabilities and stockholders' equity | $ | 170,731 | $ | 118,610 | ||||
FORTRESS BIOTECH, INC. AND SUBSIDIARIESConsolidated Statement of Operations ($ in thousands except for share and per share amounts) | ||||||||||||
For the Years Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Revenue | ||||||||||||
Fortress | ||||||||||||
Product revenue, net | $ | 3,587 | $ | 273 | $ | - | ||||||
Revenue - from a related party | 2,570 | 590 | - | |||||||||
Total Fortress revenue | 6,157 | 863 | - | |||||||||
National | ||||||||||||
Commissions | 5,388 | - | - | |||||||||
Net dealer inventory gains | 253 | - | - | |||||||||
Investment banking | 2,829 | - | - | |||||||||
Investment advisory | 904 | - | - | |||||||||
Interest and dividends | 155 | - | - | |||||||||
Transfer fees and clearing services | 386 | - | - | |||||||||
Tax preparation and accounting | 338 | - | - | |||||||||
Other | 70 | - | - | |||||||||
Total National revenue | 10,323 | - | - | |||||||||
Total revenue | 16,480 | 863 | - | |||||||||
Operating expenses | ||||||||||||
Fortress | ||||||||||||
Cost of goods sold – product revenue | 790 | - | - | |||||||||
Research and development | 29,602 | 18,402 | 10,239 | |||||||||
Research and development – licenses acquired | 5,532 | 11,408 | - | |||||||||
General and administrative | 34,003 | 21,584 | 10,413 | |||||||||
Total Fortress operating expenses | 69,927 | 51,394 | 20,652 | |||||||||
National | ||||||||||||
Commissions, compensation and fees | 10,414 | - | - | |||||||||
Clearing fees | 144 | - | - | |||||||||
Communications | 177 | - | - | |||||||||
Occupancy | 193 | - | - | |||||||||
Licenses and registration | 147 | - | - | |||||||||
Professional fees | 327 | - | - | |||||||||
Interest | 1 | - | - | |||||||||
Depreciation and amortization | 545 | - | - | |||||||||
Other administrative expenses | 315 | - | - | |||||||||
Total National operating expenses | 12,263 | - | - | |||||||||
Total operating expenses | 82,190 | 51,394 | 20,652 | |||||||||
Loss from operations | (65,710 | ) | (50,531 | ) | (20,652 | ) | ||||||
Other income (expenses) | ||||||||||||
Interest income | 298 | 245 | 662 | |||||||||
Interest expense and financing fee | (3,690 | ) | (1,484 | ) | (1,338 | ) | ||||||
Change in fair value of derivative liabilities | (1,039 | ) | (438 | ) | - | |||||||
Change in fair value of subsidiary convertible note | (78 | ) | - | - | ||||||||
Change in fair value of investments | (1,071 | ) | (1,675 | ) | 942 | |||||||
Total other expenses | (5,580 | ) | (3,352 | ) | 266 | |||||||
Net loss | (71,290 | ) | (53,883 | ) | (20,386 | ) | ||||||
Less: net loss attributable to non-controlling interests | 16,195 | 5,455 | - | |||||||||
Net loss attributable to common stockholders | $ | (55,095 | ) | $ | (48,428 | ) | $ | (20,386 | ) | |||
Basic and diluted net loss per common share | $ | (1.38 | ) | $ | (1.24 | ) | $ | (0.56 | ) | |||
Weighted average common shares outstanding—basic and diluted | 39,962,657 | 39,146,589 | 36,323,596 | |||||||||
Contact: Lucy Lu, MD, Executive Vice President & Chief Financial Officer Fortress Biotech, Inc. 781-652-4500; ir@fortressbiotech.com Fortress Biotech Media Relations Laura Bagby 6 Degrees (312) 448-8098; lbagby@6degreespr.com
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