Fortress Biotech Announces Appointment of Kevin L. Lorenz, J.D., to Board of Directors New York, NY

Fortress Biotech Announces Appointment

of Kevin L. Lorenz, J.D., to Board of Directors

New York, NY - August 19, 2019

- Fortress Biotech, Inc. (NASDAQ: FBIO) ("Fortress"), an innovative biopharmaceutical company focused on identifying,

in-licensing and developing high-potential marketed and development-stage drugs and drug candidates, today announced that Kevin

L. Lorenz, J.D., has been appointed to its Board of Directors. Mr. Lorenz, Chief Investment Officer, Senior Vice President, Treasury & Private Investments at the Katz Group, is an accomplished executive with over 25 years of experience guiding and implementing

investment strategy across public and private companies. The Katz Group, which is one of Canada's leading privately-owned

enterprises, owns 4,675,000 common shares of Fortress stock, or 6.9% of the Company's issued and outstanding common stock.

Lindsay A. Rosenwald, M.D., Fortress'

Chairman, President and Chief Executive Officer, said, "We are very pleased to welcome Mr. Lorenz to Fortress' Board

of Directors. The breadth of his business acumen and financial expertise will be valuable additions to our board."

Since 2015, Mr. Lorenz has been Chief Investment

Officer, Senior Vice President, Treasury & Private Investments at the Katz Group in the family office of Daryl Katz, which

has operations in sports and entertainment, real estate and public and private investments. Mr. Lorenz works directly with the

principal to oversee the design, implementation and monitoring of the overall investment strategy for public and private passive

investments. Prior to joining the Katz Group, Mr. Lorenz was Director, Ultra High Net Worth (UHNW) Private Client Business at Credit

Suisse Securities, LLC, where he was selected to expand Credit Suisse's UHNW private client business into Canada. From 2004

to 2009, Mr. Lorenz was the Director, UHNW Management Group at UBS Financial Services, Inc., where he was a key contributor to

the formation and build out of the company's first dedicated UBS UHNW office. Earlier in his career, he held positions of

increasing responsibility at Merrill Lynch Pierce Fenner & Smith, Inc. and the Office of the Comptroller of the Currency, an

independent bureau within the U.S. Department of the Treasury that charters, regulates and supervises all national banks and thrift

institutions. Mr. Lorenz holds a J.D. from George Mason University Antonin Scalia Law School, an M.B.A. from Benedictine University

and a B.S. in economics from Illinois State University.

Mr. Lorenz added, "I look forward

to joining Fortress Biotech's Board of Directors and working with the management team to continue to execute on the company's

goal of maximizing value for its shareholders. I am very excited by the Fortress business model and progress to date."

About Fortress Biotech

Fortress Biotech, Inc. ("Fortress")

is an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential marketed and development-stage

drugs and drug candidates. The company has over 25 programs in development at Fortress, at its majority-owned and majority-controlled

partners and at partners it founded and in which it holds significant minority ownership positions. Such product candidates span

six large-market therapeutic areas, including oncology, rare diseases and gene therapy, which allow it to create value while mitigating

risk for shareholders. Fortress advances its diversified pipeline through a streamlined operating structure that fosters efficient

drug development. The Fortress model is driven by a world-class business development team that is focused on leveraging its significant

biopharmaceutical industry expertise to further expand the company's portfolio of product opportunities. Fortress has established

partnerships with some of the world's leading academic research institutions and biopharmaceutical companies to maximize

each opportunity to its full potential, including Alexion Pharmaceuticals, Inc., City of Hope, Fred Hutchinson Cancer Research

Center, InvaGen Pharmaceuticals, Inc. (a subsidiary of Cipla Limited) and St. Jude Children's Research Hospital. For more

information, visit www.fortressbiotech.com.

Forward-Looking Statements

This 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. As used below and throughout this press release, the words "we", "us" and "our"

may refer to Fortress individually or together with one or more partner companies, as dictated by context. 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 may be required by law. The information contained herein is intended to be reviewed in its totality, and any

stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read

as applying mutatis mutandis to every other instance of such information appearing herein.

Jaclyn Jaffe and William Begien

Fortress Biotech, Inc.

Investor Relations Contact:

LifeSci Advisors, LLC

Media Relations Contact: