Fortress Biotech Reports Record Third Quarter 2021 Financial Results and Recent Corporate Highlights Net revenue for third quarter of 2021 increased 123% year-over-year to $21.1 million, a quarterly record Journey Medica

Fortress Biotech Reports Record Third Quarter

2021 Financial Results and Recent Corporate Highlights

Net revenue for third quarter of 2021 increased

123% year-over-year to $21.1 million, a quarterly record

Journey Medical Corporation, a Fortress partner

company, launched its $35.2 million initial public offering

AstraZeneca acquired Caelum Biosciences;

Fortress received $56.9 million upfront1

Rolling NDA submission for CUTX-101 for the

treatment of Menkes disease is expected to be initiated in the fourth quarter of 2021

Top-line results from registration-enabling

study of cosibelimab in metastatic cutaneous squamous cell carcinoma expected around year-end 2021

New York, NY - November 15, 2021

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

developing and commercializing or monetizing promising biopharmaceutical products and product candidates cost-effectively, today announced

financial results and recent corporate highlights for the third quarter ended September 30, 2021.

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

and Chief Executive Officer, said, "Fortress and our partner companies continue to achieve significant clinical and corporate milestones

as we develop new treatment options for patients in need and create long-term value for our shareholders. We attained a new quarterly

record for net revenue, $21.1 million, which is an increase of 123% year-over-year. Journey Medical Corporation ("Journey"),

our partner company, launched its initial public offering ("IPO") of 3,520,000 shares at $10.00 per share for gross proceeds

of $35.2 million. Additionally, AstraZeneca's Alexion acquired Caelum Biosciences, Inc. ("Caelum") a company founded

by Fortress, for an upfront payment of approximately $150 million paid to Caelum shareholders, of which approximately $56.9 million was

paid to Fortress.1 The agreement also provides

for additional contingent payments to Caelum stockholders totaling up to $350 million, payable upon the achievement of regulatory and

commercial milestones. Fortress is eligible to receive 42.4% of all proceeds from the transaction, totaling up to approximately $212 million.

Our CAR T cell therapy portfolio continues to advance, with a $2 million grant awarded by the National Cancer Institute ("NCI")

to partially fund our Mustang Bio, Inc. ("Mustang Bio")-sponsored Phase 1/2 trial of MB-106, a CD20-targeted, autologous CAR

T cell therapy for patients with relapsed or refractory B-cell non-Hodgkin lymphomas ("NHL") or chronic lymphocytic leukemia

("CLL"). Finally, we announced positive data from two completed pivotal studies in patients with Menkes disease treated with

CUTX-101 at the 2021 American Academy of Pediatrics National Conference & Exhibition."

Dr. Rosenwald continued, "Looking ahead,

we anticipate continued regulatory and clinical progress including initiating the rolling submission of the new drug application ("NDA")

for CUTX-101 for the treatment of Menkes disease to the U.S. Food and Drug Administration ("FDA") later this quarter and

reporting top-line results from the registration-enabling study of cosibelimab in metastatic cutaneous squamous cell carcinoma around

year-end. We also look forward to the upcoming data presentations of MB-106 and AL amyloidosis treatment CAEL-101 at the American Society

of Hematology Annual Meeting ("ASH2021")."

In each case, figures are net of miscellaneous transcation expenses and a 10% holdback for an indemnification escrow.

Recent Corporate Highlights2:

Marketed Dermatology Products and Product Candidates

CUTX-101 (Copper Histidinate for Menkes disease)

CAEL-101 (Light Chain Fibril-reactive Monoclonal

Antibody for AL Amyloidosis)

Includes product candidates in development at Fortress, majority-owned and controlled partners and partners in which Fortress holds significant

minority ownership positions. As used herein, the words "we", "us" and "our" may refer to Fortress

individually or together with our affiliates and partners, as dictated by context.

Cosibelimab (formerly CK-301, an anti-PD-L1

MB-106 (CD20-targeted CAR T Cell Therapy)

MB-101 (IL13R 2-targeted CAR T Cell Therapy)

Novel CAR T Technology

MB-107 and MB-207 (Lentiviral Gene Therapies

for X-linked Severe Combined Immunodeficiency ("XSCID"))

Ex Vivo Lentiviral Gene Therapy for

RAG1 Severe Combined Immunodeficiency ("RAG1-SCID")

To assist our stockholders in understanding

our company, we have prepared non-GAAP financial results for the three months ended September 30, 2021 and 2020. These results

exclude the operations of our three partner companies that were public at September 30, 2021: Avenue, Checkpoint and Mustang Bio.

The goal in providing these non-GAAP financial metrics is to highlight the financial results of Fortress' core operations,

which comprise our commercial-stage business, our privately held development-stage entities, as well as our business development and

Use of Non-GAAP Measures:

In addition to the GAAP financial measures as

presented in our Form 10-Q that will be filed with the Securities and Exchange Commission ("SEC") on November 15, 2021, the

Company has, in this press release, included certain non-GAAP measurements. The non-GAAP net income (loss) attributable to common stockholders

is defined by the Company as GAAP net income (loss) attributable to common stockholders, less net losses attributable to common stockholders

from our public partner companies Avenue, Checkpoint and Mustang Bio. In addition, the Company has also provided a Fortress non-GAAP loss

attributable to common stockholders which is a modified EBITDA calculation that starts with the non-GAAP income (loss) attributable to

common stockholders and removes stock-based compensation expense, non-cash interest expense, amortization of licenses and debt discount,

changes in fair values of investment, changes in fair value of derivative liability, Qbrexza inventory step-up and depreciation expense.

The Company included the partial realization of gain in connection with the exercise of the Caelum option.

Management believes use of these non-GAAP

measures provide meaningful supplemental information regarding the Company's performance because (i) it allows for greater

transparency with respect to key measures used by management in its financial and operational decision-making, (ii) it excludes the

impact of non-cash or, when specified, non-recurring items that are not directly attributable to the Company's core operating

performance and that may obscure trends in the Company's core operating performance and (iii) it is used by institutional investors

and the analyst community to help analyze the Company's results. However, non-GAAP income (loss) attributable to common stockholders

and any other non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the

corresponding measures calculated in accordance with GAAP. Further, non-GAAP financial measures used by the Company and the manner

in which they are calculated may differ from the non-GAAP financial measures or the calculations of the same non-GAAP financial

measures used by other companies, including the Company's competitors.

tables below provide a reconciliation from GAAP to non-GAAP measures:

to non-GAAP research and development and selling, general and administrative costs:

About Fortress Biotech

Fortress Biotech, Inc. ("Fortress")

is an innovative biopharmaceutical company that was ranked in Deloitte's 2019 and 2020 Technology Fast 500 , annual rankings

of the fastest-growing North American companies in the technology, media, telecommunications, life sciences and energy tech sectors,

based on percentages of fiscal year revenue growth over three-year periods. Fortress is focused on acquiring, developing and commercializing

high-potential marketed and development-stage drugs and drug candidates. The company has seven marketed prescription pharmaceutical products

and 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 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 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 AstraZeneca plc, City of Hope, Fred Hutchinson

Cancer Research Center, St. Jude Children's Research Hospital, Nationwide Children's Hospital and Sentynl Therapeutics, Inc.

For more information, visit www.fortressbiotech.com.

Forward-Looking Statements

This press release may contain "forward-looking