Fortress Biotech Reports First Quarter 2016 Financial Results and Recent Corporate Highlights New York, NY

Fortress Biotech Reports First Quarter

2016 Financial Results and Recent Corporate Highlights

New York, NY - May 10, 2016

- Fortress Biotech, Inc. (NASDAQ: FBIO) ("Fortress"), a biopharmaceutical company dedicated to acquiring, developing

and commercializing novel pharmaceutical and biotechnology products, today announced its financial results and recent corporate

highlights for the quarter ended March 31, 2016.

Dr. Lindsay A. Rosenwald, Chairman, President

and CEO of Fortress, said, "This year, we have continued to build our portfolio of products under development and Journey

Medical Corporation's roster of marketed products. We have also made significant progress advancing the pipeline of many

of our other Fortress Companies, including Mustang Bio, which presented positive initial Phase I data on its CAR-T therapy MB-101

for the treatment of glioblastoma at the American Society of Gene and Cell Therapy 19th Annual Meeting. In addition,

we are excited to possibly bring National Holdings Corporation under the Fortress umbrella with the goal of building a world-class

biotech and life sciences investment banking operations franchise. In 2016, we plan to continue to seek business development opportunities

for Fortress and our Fortress Companies, as we expand our therapeutic focus and advance multiple milestones in our robust pipeline.

We look forward to another transformative year in support of our mission of rapidly advancing meaningful treatments to people in

Recent Corporate Highlights:

Avenue Therapeutics, Inc.

Checkpoint Therapeutics, Inc.

FBIO Acquisition, Inc.

Journey Medical Corporation (JMC)

About Fortress Biotech

Fortress Biotech, Inc. ("Fortress"

or "the Company") is a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical

and biotechnology products. Fortress plans to develop and commercialize products both within Fortress and through subsidiary companies,

also known as Fortress Companies. In addition to its internal development programs, the Company will leverage its biopharmaceutical

business expertise and drug development capabilities to help the Fortress Companies achieve their goals. Additionally, the

Company will provide funding and management services to each of the Fortress Companies and, from time to time, the Company and

the Fortress Companies will seek licensing, acquisitions, partnerships, joint ventures and/or public and private financings to

accelerate and provide additional funding to support their research and development programs. For more information, visit www.fortressbiotech.com.

Important Additional Information

The tender offer by FBIO Acquisition, Inc.

for shares of NHLD described in this press release has not yet commenced, and this press release is neither an offer to purchase

nor a solicitation of an offer to sell securities. At the time the offer is commenced, Fortress will file a tender offer statement

on Schedule TO, including an offer to purchase, a letter of transmittal and related documents with the Securities and Exchange

Commission (the "Commission"), and NHLD will file a solicitation/recommendation statement on Schedule 14D-9 with respect

to the offer with the Commission. The offer to purchase the NHLD shares will only be made pursuant to the offer to purchase, the

letter of transmittal and related documents filed as a part of the Schedule TO. SECURITY HOLDERS AND OTHER INVESTORS ARE URGED

TO READ THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER OFFER DOCUMENTS)

AND THE SOLICITATION/RECOMMENDATION STATEMENT BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE

ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER. The offer to purchase, the related letter of transmittal and certain other

offer documents, as well as the solicitation/recommendation statement, will be made available to investors and security holders

at no expense to them. The tender offer statement and the solicitation/recommendation statement will be made available for free

at the Commission's web site at www.sec.gov. Free copies of these materials and certain other offering documents will be

made available by the information agent for the offer.

In addition to the tender offer statement,

Fortress files annual, quarterly and special reports, proxy statements and other information with the Commission. You may read

and copy any reports, statements or other information filed by Fortress at the SEC Public Reference Room at 100 F Street, N.E.,

Washington, D.C. 20549. Please call the Commission at 1-800-SEC-0330 for further information on the public reference room. Fortress'

filings with the Commission are also available to the public from commercial document-retrieval services and at the website maintained

by the Commission at www.sec.gov.

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. Such statements include, but are not limited to, any statements relating to our growth strategy, potential acquisitions,

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 are: risks

related to our growth strategy; our ability to identify, acquire, close and integrate product candidates and companies successfully

and on a timely basis; our need for substantial additional funds; 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; our dependence on third-party suppliers; our ability to attract, integrate, and retain key

personnel; the early stage of products under development; government regulation; patent and intellectual property matters; competition;

risks associated with the proposed transaction with NHLD, including (i) the occurrence of any event, change or other circumstance

that could give rise to the termination of the agreement and plan of merger; (ii) successful completion of the proposed transaction

on a timely basis; (iii) uncertainties as to how many of the holders of NHLD shares will tender their shares into the tender offer;

(iv) the impact of regulatory reviews on the proposed transaction; (v) the outcome of any legal proceedings that may be instituted

against one or both of Fortress and NHLD and others following the announcement of the agreement and plan of merger; and (vi) risks

that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result

of the transaction; as well as other risks described in our filings with the 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 required

Lucy Lu, MD, Executive Vice President & Chief Financial

Fortress Biotech, Inc.

781-652-4500; ir@fortressbiotech.com

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

($ in thousands except for share and

FORTRESS BIOTECH, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Operations

($ in thousands except for share and