Fortress Biotech

Fortress Biotech Inc., commonly known as Fortress Bio, is a biopharmaceutical company that acquires, develops, and commercializes innovative pharmaceutical and biotechnology products. Led by CEO Lindsay A. Rosenwald, M.D., Fortress and most of its subsidiary companies are headquartered in New York City, U.S..[1][2]

Fortress Biotech Inc.
TypePublic
NASDAQ: FBIO
Russell 2000 Index component
IndustryBiopharmaceuticals
Founded2006
FounderDr. Lindsay Allan Rosenwald
Headquarters
New York City, U.S.
Area served
Worldwide
Key people
  • Lindsay A. Rosenwald, M.D.(Chairman/ President/CEO)
  • Michael S. Weiss (Executive Vice Chairman)
  • Eric K. Rowinsky, M.D. (Co-Vice Chairman)
  • Jimmie Harvey, Jr., M.D. (Director)
Websitewww.fortressbiotech.com

History

The company was founded in 2006 under the name Coronado Biosciences, initially as an oncology company.[3][4] In 2011, it was announced that Coronado raised $47.4 million in funding. Shortly thereafter it became a public company by registering all of its private shares as common stock.[4] The company changed its name to Fortress Biotech in April 2015.[3]

In November 2019, Fortress Biotech was ranked number 10 in the 2019 Deloitte Technology Fast 500 annual rankings.[5][6]

Subsidiaries

Fortress Bio has 10 biopharmaceutical subsidiary companies which cover a range of medical therapy areas, including potential cancer treatments and therapies for rare diseases and conditions.[1] These subsidiaries include Aevitas Therapeutics (formed in 2017), Avenue Therapeutics (formed in 2015), Caelum Biosciences (formed in 2017), Cellvation (formed in 2016), Checkpoint Therapeutics (formed in 2015), Cyprium Therapeutics (formed in 2017), Helocyte (formed in 2015), Journey Medical Corporation (formed in 2014), Mustang Bio (formed in 2015), Tamid Bio (formed in 2017) and Baergic Bio (formed in 2019).[3][7][8][9]

Products

Fortress Bio’s marketed products are developed and commercialized by its subsidiary Journey Medical Corporation. These include Targadox tablets indicated for acne, eczema emollient Ceracade, wound cream Luxamend, topical corticosteroid Triderm, topical broad-spectrum antifungal solution Exelderm, Ala-Quin topical cream for skin conditions, and Ala-Scalp hydrocortisone lotion for skin conditions.[7][10][11]

In addition, the company is developing a range of other product candidates which have not yet reached the commercial stage, including potential treatments for cancer-related conditions, traumatic brain injury (TBI), and non-small cell lung carcinoma.[10]

References
  1. "Fortress Biotech: A Drug Financing Experiment Expands". invivo.pharmaintelligence.informa.com. Retrieved 1 November 2018.
  2. "Biotechnology Company Overview of Fortress Biotech, Inc". Bloomberg Businessweek. Retrieved 1 November 2018.
  3. "Fortress Biotech: Highly Complex, Greatly Undervalued". Seeking Alpha. Retrieved 1 November 2018.
  4. "Xconomy: NYC's Coronado Biosciences Plans Two Drug Trials, Wall Street Debut, and Boston Move". Xconomy. 21 July 2011. Retrieved 1 November 2018.
  5. "Fortress Biotech Ranked in Top 10 of Deloitte's 2019 Technology Fast 500™". BioSpace. Retrieved 2020-03-19.
  6. "Fortress Biotech Ranked in Top 10 of Deloitte's 2019 Technology Fast 500™". www.nasdaq.com. Retrieved 2020-03-19.
  7. "Fortress and Aevitas Enter Sponsored Research Agreement with AAV Technology Expert". Rare Disease Report. Retrieved 1 November 2018.
  8. "Big apple-based biotech's new gene therapy subsidiary inks UNC licensing deals". American City Business Journals. Retrieved 1 November 2018.
  9. "Cincinnati Children's strikes deal with pharma firms". www.bizjournals.com. Retrieved 2020-01-23.
  10. "NASDAQ:FBIO - Stock Price, News, & Analysis for Fortress Biotech". pressoracle.com. Retrieved 1 November 2018.
  11. "Exelderm (Sulconazole): Side Effects, Interactions, Warning, Dosage & Uses". RxList. Retrieved 1 November 2018.
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