Full Press Release Details
Fortress Biotech Announces Launch of Proposed
Miami, FL - November 9, 2023 -
Fortress Biotech, Inc. (Nasdaq: FBIO) ("Fortress" or "Company"), an innovative biopharmaceutical company focused
on efficiently acquiring, developing and commercializing or monetizing promising therapeutic products and product candidates, today announced
that it has commenced a public offering, subject to market and other conditions, to offer and sell units, consisting of (i) one share
of common stock (or pre-funded warrant in lieu thereof) and (ii) one warrant to purchase one share of common stock. All of the shares
of common stock, pre-funded warrants and accompanying warrants are being offered by Fortress.
Certain directors and officers of the Company
may participate in the offering. The final terms of the offering will depend on market and other conditions at the time of pricing, and
there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
Roth Capital Partners is acting as exclusive placement
agent for the offering on a reasonable best-efforts basis.
Fortress expects to use the net proceeds from
the offering for its operations, including, but not limited to, general corporate purposes, which may include research and development
expenditures, clinical trial expenditures, manufacture and supply of product, and working capital.
The securities described above are being offered
pursuant to a registration statement on Form S-3 (File No. (333-258145), which was declared effective by the Securities and Exchange
Commission (the "SEC") on July 30, 2021. The offering is being made only by means of a prospectus which is a part of the
effective registration statement. A preliminary prospectus related to the offering will be filed with the SEC on November 9, 2023. Copies
of the preliminary prospectus supplement and accompanying prospectus, when available, will be filed with the SEC and may be obtained
from Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach, CA 92660, or by phone at (800) 678-9147 or email at rothecm@roth.com.
Electronic copies of the preliminary prospectus supplement and accompanying prospectus will also be available on the website of the SEC
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this offering, nor shall there by any sale of these securities in any state
or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Fortress Biotech
Fortress Biotech, Inc. ("Fortress")
is an innovative biopharmaceutical company focused on efficiently acquiring, developing and commercializing or monetizing promising therapeutic
products and product candidates. The company has eight marketed prescription pharmaceutical products and over 25 programs in development
at Fortress, at its majority-owned and majority-controlled partners and subsidiaries and at partners and subsidiaries it founded and
in which it holds significant minority ownership positions. Such product candidates span six large-market areas, including oncology,
rare diseases and gene therapy, which allow it to create value for shareholders. Fortress advances its diversified pipeline through a
streamlined operating structure that fosters efficient drug development. The Fortress model is focused on leveraging its significant
biopharmaceutical industry expertise and network 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 AstraZeneca, City of Hope, Fred Hutchinson Cancer Center, St. Jude Children's
Research Hospital, Nationwide Children's Hospital and Sentynl. 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 conducting the offering, the competition of the offering or use or proceeds, the ability to satisfy
the closing conditions related to the offering and the overall timing and completion of such closing; expectations for increases or decreases
in expenses; any statements relating to our growth strategy and product development programs, ability to generate shareholder value, ability
of our products to receive necessary approvals, including FDA approval, ability of our products and therapies to help patients 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;
financing and strategic agreements and relationships; our need for substantial additional funds and uncertainty relating to financings;
our ability to identify, acquire, close and integrate product candidates successfully and on a timely basis; our ability to attract, integrate
and retain key personnel; the early stage of products under development; 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; the ability to
secure and maintain third-party manufacturing, marketing and distribution of our and our partner companies' products and product
candidates; government regulation; patent and intellectual property matters; competition; as well as other risks described in Part I,
Item 1A, "Risk Factors," in our Annual Report on Form 10-K filed on March 31, 2023, subsequent Reports on Form 10-Q, and our
other filings we make with the Securities and Exchange Commission. 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, and we claim the protection
of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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.
Fortress Biotech, Inc.
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