Preferred Stock OfferingsBy Preferred Stock Channel Staff, updated Sat, December 4, 3:01 AM
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Slide #77. Fortress Biotech, Inc. — Preferred Stock Offering
Fortress Biotech, Inc. (NASDAQ:FBIO)
Date of Pricing:
Price Per Share:
Preferred Stock Offering Details:
Fortress Biotech, Inc. (Common Stock: Nasdaq: FBIO) (Preferred Stock: Nasdaq: FBIOP) ("Fortress"), an innovative biopharmaceutical company, today announced that it has priced an underwritten public offering of 555,556 shares of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") at a price of $18.00 per share, with expected gross proceeds to Fortress of approximately $10 million. In addition, Fortress has granted the underwriters a 45-day option to purchase up to 83,333 additional shares of its Series A Preferred Stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about May 29, 2020, subject to customary closing conditions.
Fortress Biotech is a biopharmaceutical company focused on acquiring, developing and commercializing pharmaceutical and biotechnology products and product candidates. Through its partner company, Co. markets the following dermatology products: Ximino®, which is a tetracycline-class drug indicated to treat inflammatory lesions of non-nodular moderate to severe acne vulgaris; Targadox®, which is a tetracycline-class drug indicated as adjunctive therapy for severe acne; and Ceracade®, which is a steroid-free, ceramide-dominant formulation used to treat dry skin conditions and to manage and relieve the burning and itching associated with various types of dermatitis and radiation dermatitis.
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Strong Buy (4.00 out of 4)
(ranked higher than approx. 90% of all stocks covered)
Based on data provided by Zacks Investment Research via Quandl.com