Fortress Biotech Announces Closing of $10.0 Million Public Offering
MIAMI, Nov. 14, 2023 (GLOBE NEWSWIRE) -- 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 the closing of its previously announced public offering of an aggregate of 5,885,000 units, consisting of one share of common stock and one warrant to purchase one share of common stock, at a public offering price of $1.70 per unit. The warrants are immediately exercisable at a price of $1.70 per share and expire five years from the date of issuance.
Certain directors and officers of the Company participated in the offering and purchased an aggregate amount of approximately $2.9 million of units at the same purchase price.
The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses, are approximately $10.0 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, manufacture and supply of product, and working capital.
Roth Capital Partners acted as exclusive placement agent for the offering.
The securities described above were 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 was made only by means of a prospectus supplement which is a part of the effective registration statement. Copies of the final prospectus supplement and accompanying prospectus relating to this offering were 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 [email protected]. Electronic copies of the final prospectus are also available on the website of the SEC at http://www.sec.gov.
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 tate or other jurisdiction.
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