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.
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.