Full Press Release Details
Fortress Biotech Announces Pricing of $11 Million
Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
Miami, FL - December 29, 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 entered into a definitive agreement for the issuance and sale of 3,303,305 shares of its common stock and warrants to purchase
up to 3,303,305 shares of common stock at a combined offering price of $3.33 per share of common stock and accompanying warrant priced
at-the-market under Nasdaq rules. The warrants have an exercise price of $3.21 per share, are immediately exercisable, and will expire
five years following the date of issuance.
The gross proceeds from the offering, before deducting
the placement agent's fees and other offering expenses, are expected to be approximately $11.0 million. 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, license or acquisition of new products, and working capital.
Roth Capital Partners is acting as exclusive placement
agent for the offering. The offering is expected to close on or about January 3, 2024, subject to the satisfaction of customary closing
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 final prospectus supplement and the accompanying prospectus relating to the registered direct offering will be filed with
the SEC and will be available on the SEC's website at www.sec.gov. Additionally, when available, electronic copies of the
final prospectus supplement and the accompanying prospectus 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.
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 the completion 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.
Media Relations Contact: