Fortress Biotech Inc. (FBIO) stock surged by 15.09% at the last trading close while the FBIO stock price continued to rise by 5.33% in the pre-market trading. Fortress is committed to bringing, developing, and commercializing high-potential drugs and drug candidates, both marketed and in progress.
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On April 7, 2021, Fortress Biotech announced that The 20th Annual Needham Virtual Healthcare Conference, which will be held on April 12-15, 2021, will feature Lindsay A. Rosenwald, M.D., Chairman, President, and Chief Executive Officer of FBIO. On Monday, April 12, 2021, FBIO will give a presentation and engage in one-on-one meetings during the conference.
Insight on FBIO’s performance
Fortress Bio is a pharmacological research organization with 28 drug candidates in different phases of development, varying from preclinical to Phase 3 trials. Fortress has six licensed drugs on the market for a range of dermatological disorders, including acne, skin fungal infections, burns, and other surface wounds, in addition to its pipeline.
Journey Medical, Fortress’s partner company, is selling these drugs, which produced $44.5 million in revenue in 2020. This was a significant increase of 28 percent over the $34.9 million earned in 2019. Fortress had a healthy financial balance at the end of 2020, with $235 million in cash and cash equivalents. This was a $15 million increase from the previous quarter and a 53 percent increase year over year.
These positive results came despite the COVID pandemic affecting both supply and sales, according to Fortress Biotech. In 2021, Fortress anticipates adding two additional FDA-approved prescription drugs to its portfolio.
Upcoming Developments in FBIO
Fortress is collaborating on CUTX-101 with Cyprium Therapeutics and Sentynl Therapeutics, according to another program update. Both parties have agreed to a Development and Asset Purchase Arrangement for the drug candidate, which is presently in Phase 3 clinical trials for Menkes disease. Last August, the company announced promising clinical efficacy results, including a median survival of 14.8 years in the early treatment cohort, compared to 1.3 years in the untreated historical control cohort. Fortress will start rolling out the NDA for CUTX-101 in 2H21.