Fortress Biotech Inc (FBIO)

[conix]

Fortress Biotech Preferred: Another Look At This Speculative 11.5% Yielder With More Cash Than Debt

Oct. 2, 2019 5:51 PM ET| About: Fortress Biotech, Inc. (FBIO)

Summary
FBIO has more cash than debt and preferred stock. Consolidated balance sheet cash has grown to $171 million.

FBIOP is a par $25 preferred stock issue that now trades for only $20.45.

FBIOP offers an 11.7% yield and the potential for capital gain of almost 25% if the price recovers to trade at par.

FBIO is a diverse biotech incubator that controls three public early stage biotechs as well as six private ones.

[conix]

Short Term--Over bought with the RSI over 70.
Would not be surprising to see it trade sideways for awhile. Consolidation at a higher base would be a good thing. IMO

FBIO is a biopharma mutual fund of sorts.

The preferred stock offering was well-received today. Nice 11% effective yield.

[Herefords]

FBIO, price target $6 - $8 per share.

[conix]

FBIO chart with perspective

[AgSEC]

We’ve been trying to tell all that’ll listen. This is a huge play

[Herefords]

Good call

[AgSEC]

News out. Climbing again.

[conix]

FBIO chart

[Herefords]

Good buying opportunity at these levels. $2 soon.

[Herefords]

FBIO a winner?

[AgSEC]

I agree sir!! We won’t be sorry. Some saying if we reach 1.85 today this thing will skyrocket!!

[Plumberhouston]

This company is a biopharma ETF in itself unbelievable! Been accumulatiing.

[ClayTrader]

* * $FBIO Video Chart 08-26-2019 * *

Link to Video - click here to watch the technical chart video

[conix]

FBIO Chart

[AgSEC]

Great DD conix.

[conix]

Dawson James started coverage on shares of Fortress Biotech
(NASDAQ:FBIO) in a report issued on Monday, The Fly reports. The brokerage set a “buy” rating on the biopharmaceutical company’s stock.

Several other equities analysts also recently weighed in on FBIO. ValuEngine upgraded shares of Fortress Biotech from a “hold” rating to a “buy” rating in a report on Thursday, August 1st. HC Wainwright restated a “buy” rating and set a $11.00 target price on shares of Fortress Biotech in a report on Monday, May 13th. Zacks Investment Research downgraded shares of Fortress Biotech from a “buy” rating to a “hold” rating in a report on Monday, July 15th. Finally, Roth Capital assumed coverage on shares of Fortress Biotech in a report on Monday, July 1st. They set a “buy” rating and a $4.00 target price for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $5.67.


FBIO stock opened at $1.58 on Monday. Fortress Biotech has a one year low of $0.49 and a one year high of $2.59. The stock has a market capitalization of $121.51 million, a PE ratio of -0.52 and a beta of 2.48. The company has a debt-to-equity ratio of 1.10, a quick ratio of 4.47 and a current ratio of 4.49. The company has a fifty day moving average of $1.45 and a 200-day moving average of $1.73.


Fortress Biotech (NASDAQ:FBIO) last announced its quarterly earnings data on Friday, August 9th. The biopharmaceutical company reported ($0.24) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.46) by $0.22. The company had revenue of $9.25 million during the quarter, compared to analyst estimates of $7.51 million. Equities analysts forecast that Fortress Biotech will post -0.8 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Fortress Biotech by 65.8% during the second quarter. Vanguard Group Inc. now owns 2,112,586 shares of the biopharmaceutical company’s stock worth $3,169,000 after buying an additional 838,514 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Fortress Biotech by 12.8% during the fourth quarter. Geode Capital Management LLC now owns 379,972 shares of the biopharmaceutical company’s stock worth $326,000 after buying an additional 43,239 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Fortress Biotech by 43.1% during the second quarter. Acadian Asset Management LLC now owns 219,584 shares of the biopharmaceutical company’s stock worth $329,000 after buying an additional 66,133 shares in the last quarter. Cpwm LLC grew its holdings in shares of Fortress Biotech by 11.7% during the first quarter. Cpwm LLC now owns 191,000 shares of the biopharmaceutical company’s stock worth $340,000 after buying an additional 20,000 shares in the last quarter. Finally, Paloma Partners Management Co purchased a new stake in shares of Fortress Biotech during the second quarter worth about $246,000. Institutional investors and hedge funds own 10.02% of the company’s stock.

Fortress Biotech Company Profile

Fortress Biotech, Inc develops and commercializes pharmaceutical and biotechnology products. The company develops CNDO-109, a lysate that treats cancer-related and other conditions; tramadol HCl for managing postoperative pain; CAEL-101 for the treatment of amyloid light chain amyloidosis; and CEVA101 for severe traumatic brain injury in children and adults in the United States.

[AgSEC]

Big blocks being traded here and a personal high volume today for me. Just approved as a buy by Dawson James. This will be huge.

[AgSEC]

When will the market notice this gem?

[AgSEC]

Here we go. Won’t be under 2$ much longer. Keep buying under 2$. This will go past 10$.

[conix]

FDA Clears IND for Mustang Bio’s MB-102 (CD123 CAR T)

Date: 08-05-2019



NEW YORK, Aug. 05, 2019 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases, today announced that the U.S. Food and Drug Administration (FDA) has approved the Company’s Investigational New Drug (IND) application to initiate a multi-center Phase 1/2 clinical trial of MB-102 (CD123 CAR T) in acute myeloid leukemia (AML), blastic plasmacytoid dendritic cell neoplasm (BPDCN) and high-risk myelodysplastic syndrome (MDS).

MB-102 is a CAR T cell therapy that is produced by engineering patient T cells to recognize and eliminate CD123-expressing tumors. CD123 is widely expressed on bone marrow cells of patients with myelodysplastic syndrome and hematologic malignancies, including in 75-89% of AML patients and over 90% in BPDCN patients. MB-102 has shown promising response rates in early small populations of these patients in an investigator-sponsored Phase 1 clinical trial being conducted by City of Hope, where the CAR T cell therapy was also developed.

According to the American Cancer Society, there were an estimated 19,520 new U.S. cases of AML in 2018 and the disease has an estimated five-year survival rate of 25%. In 2016, an American Society of Hematology Education Program article reported that there are about 700 new BPDCN cases in the U.S. and 1,000 in Europe per year, with a median survival of 12 to 14 months.

On July 24, 2019, Mustang announced that the FDA granted Orphan Drug Designation to MB-102 for the treatment of AML. The FDA also previously granted Orphan Drug Designation to MB-102 for the treatment of BPDCN.

Manuel Litchman, M.D., President and Chief Executive Officer of Mustang, said, “The FDA’s approval of our IND application for MB-102 marks a significant milestone for Mustang, as this is our first IND. We are excited to initiate our multi-center Phase 1/2 clinical trial later in 2019 and process patient cells in our manufacturing facility, which opened in June 2018. We are passionate about meeting the needs of patients living with AML, BPDCN and MDS and look forward to further developing MB-102 to help address these devastating diseases.”

About MB-102 (CD123 CAR T)

MB-102 (CD123 CAR T) is a CAR T cell therapy that is produced by engineering patient T cells to recognize and eliminate CD123-expressing tumors. CD123 is widely expressed on bone marrow cells of patients with myelodysplastic syndromes, as well as in hematologic malignancies, including AML, B-cell acute lymphoblastic leukemia, hairy cell leukemia, BPDCN, chronic myeloid leukemia and Hodgkin’s lymphoma.

In the first-in-human clinical trial at City of Hope (NCT02159495), MB-102 has demonstrated complete responses at low doses in AML and BPDCN without dose-limiting toxicities, as reported at the American Society of Hematology (ASH) Annual Meeting in December 2017 and the American Association for Cancer Research (AACR) Special Conference on Tumor Immunology and Immunotherapy in November 2018. Dose escalation continues at City of Hope in both indications. MB-102 has received Orphan Drug Designation from the U.S. Food and Drug Administration for AML and BPDCN.

About Mustang Bio
Mustang Bio, Inc. (“Mustang”) is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR T and CRISPR/Cas9-enhanced CAR T therapies across multiple cancers, as well as a lentiviral gene therapy for X­SCID. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. Mustang was founded by Fortress Biotech, Inc. (NASDAQ: FBIO). For more information, visit www.mustangbio.com.

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, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and 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 value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; 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; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. 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 by law.

Company Contacts:
Jaclyn Jaffe and William Begien
Mustang Bio, Inc.
[phone]
[e-mail]

Investor Relations Contact:
Daniel Ferry
LifeSci Advisors, LLC
[phone]
[e-mail]

Media Relations Contact:
Tony Plohoros
6 Degrees
[phone]
[e-mail]

[conix]

Avenue Therapeutics Announces Appointment of Ms. E. Garrett Ingram to Board of Directors



NEW YORK, Aug. 01, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a specialty pharmaceutical company focused on the development and commercialization of intravenous (IV) tramadol, today announced that Ms. Garrett Ingram has been appointed to its Board of Directors. Ms. Ingram joined Cipla USA, Inc. (“Cipla”) in July 2019 as Chief Commercial Officer, Specialty Hospital Business, U.S. to lead the transformation of the current and future specialty branded platforms. She will serve as one of the three Cipla representatives on Avenue’s Board of Directors, succeeding Mr. Nishant Saxena who has stepped down from Avenue’s Board of Directors to become Cipla’s Chief Executive Officer of International Business (Europe and Emerging Markets).

“Ms. Ingram’s extensive launch and commercialization expertise and proven track record of distinguished leadership will be a significant asset to Avenue,” said Dr. Lindsay Rosenwald, Avenue’s Executive Chairman. “We look forward to working with her to maximize the value of IV tramadol.”

“Avenue has successfully completed its Phase 3 Program for IV tramadol, which could become an important addition in acute pain management in the U.S.,” said Ms. Ingram. “I am excited to lend my expertise to the organization to help successfully bring IV tramadol to the U.S. market.”

Garrett Ingram is a seasoned leader with more than twenty years of experience in pharmaceuticals, biotech, device strategy and marketing. Prior to her new role at Cipla, Ms. Ingram served as Chief Marketing Officer at MannKind Corporation, based in California. In addition, she has served in roles as Senior Vice President, Managed Markets at Dexcom and Vice President, Head of Market Access at Sanofi, where she had responsibility across four of the U.S. Business Units: Diabetes & Cardiovascular, General Medicines, Sanofi Genzyme Specialty Care, and Sanofi Pasteur from 2014 to 2016. Prior to joining Sanofi, she held the position of Vice President of Market Access Strategy at Bristol Myers Squibb, where she led the access, reimbursement, patient affordability and emerging customer strategy teams across the portfolio of diabetes, RA, cardiovascular, oncology, immunology, neuroscience and pipeline assets. Ms. Ingram holds a Bachelor of Science degree from East Carolina University, a Master’s Degree in public health and community education from the University of South Carolina and has completed multiple post graduate studies at Wharton School of Business.

About Avenue Therapeutics
Avenue is a specialty pharmaceutical company focused on the development and commercialization of intravenous (IV) tramadol for the management of moderate to moderately severe postoperative pain. IV tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue has completed its Phase 3 program of IV tramadol for the management of postoperative pain and plans to submit a New Drug Application to the U.S. Food and Drug Administration by year-end. Avenue is headquartered in New York City and was founded by Fortress Biotech, Inc. (NASDAQ: FBIO). For more information, visit www.avenuetx.com.

Contacts:
Jaclyn Jaffe and William Begien, Investor Relations
Avenue Therapeutics, Inc.
[phone]
[e-mail]

avenue.png

Source: Avenue Therapeutics

[Herefords]

Greenday

[AgSEC]

Anyone around that’s invested or doing DD here?

[AgSEC]

Analysts projecting this baby is at $7.50 in the next 12 months with a low of $4.00 and a high of $11.00. I’m thinking this goes way above $10. FBIO

[Herefords]

Good days ahead

[Herefords]

What happened here? Sheesh

[Herefords]

Gimme the loot

[AgSEC]

Looking good here. If it drops down at all I’m adding.

[AgSEC]

This stock will go parabolic in 2019 2020. 7X bagger.

[mrguitar]

i have never seen such an undervalued stock as FBIO. Their stake in CKPT and MBIO is worth the total market value of fbio. If you go to their website you will see all of the other companies and subsidiaries that fbio owns or has a stake in. They own journey medical which had sales of 25 mil last year. That company alone is worth about 100 mil if they sold it.On top of that they have a potential deal for atxi which they own 40% .They also have a potential deal with caelum biosciences another subsidiary. FBIO should have a market cap of at least 400 mil not 100 mil.People just dont do their due diligence they just chase momentum.


Michael Spector, President and Chief Executive Officer of Caelum, said, “CAEL-101 appears to have a unique capability of binding to both kappa and lambda misfolded proteins. Data from the Phase 1a/1b study indicate that CAEL-101 is a well-tolerated therapy that leads to a rapid and clinically relevant organ response, particularly in the heart and kidneys. Further, CAEL-101 showed a statistically significant improvement from baseline in global longitudinal strain, an endpoint that has been correlated with survival in patients with AL amyloidosis. We are very pleased to collaborate with Alexion, a global leader in the rare disease field.”

Under the terms of the agreement, Alexion will acquire a minority equity interest in Caelum and an exclusive option to acquire the remaining equity in the company based on Phase 2 data for pre-negotiated economics. Alexion will make payments to Caelum totaling up to $60 million, including the purchase price for the equity and milestone-dependent development funding payments. The collaboration also provides for potential additional payments of up to $500 million, including the upfront and regulatory and commercial milestone payments, in the event Alexion exercises the acquisition option. The collaboration will leverage Alexion’s expertise in rare disease antibody development and commercial franchise in hematology. Alexion and Caelum will collaborate on the design of the ongoing development program for CAEL-101. Caelum will be responsible for conducting the development program through the end of Phase 2 and for manufacturing CAEL-101.

[conix]

Avenue Therapeutics Reports First Quarter 2019 Financial Results and Recent Corporate Highlights

Safety study completed; Expect to report data from 2nd pivotal Phase 3 trial by the end of second quarter 2019

Date: 05-13-2019


NEW YORK, May 13, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a company focused on the development of intravenous (“IV”) tramadol for the U.S. market, today reported financial results and recent corporate highlights for the first quarter ended March 31, 2019.

“We recently completed the safety study for IV tramadol and expect to report data by the end of this quarter from our pivotal Phase 3 trial of IV tramadol for the management of postoperative pain in patients following abdominoplasty surgery,” said Lucy Lu, M.D., Avenue’s President and Chief Executive Officer. “We look forward to the results from this important study, as it not only compares IV tramadol to placebo, but also includes an active-comparator arm of IV morphine.”

Recent Achievements:

The Company has completed the open-label, single-arm safety study of IV tramadol in post-surgical pain. The results show that IV tramadol is well-tolerated with a side effect profile consistent with known pharmacology.
In April 2019, Avenue announced the appointment of Dr. Thomas G. Moore to its Board of Directors.

Financial Results:

Cash Position: As of March 31, 2019, Avenue’s cash and cash equivalents totaled $29.4 million, compared to $2.7 million at December 31, 2018. The $26.7 million increase was primarily attributable to the stock purchase by InvaGen Pharmaceuticals Inc. (“InvaGen”) in connection with the first stage closing of the agreement between InvaGen and Avenue.
R&D Expenses: Research and development expenses for the three months ended March 31, 2019, were $10.2 million, compared to $9.4 million for the same quarter in 2018. The $0.8 million increase was primarily attributable to the ongoing Phase 3 trial of IV tramadol following abdominoplasty surgery and to the Phase 3 safety trial of IV tramadol.
G&A Expenses: General and administrative expenses for the three months ended March 31, 2019, were $1.1 million, compared to $1.0 million for the same quarter in 2018. The $0.1 million increase was primarily attributable to an increase in non-cash stock compensation offset by reductions in market research costs and professional fees.

Net Loss: Net loss attributable to common stockholders for the three months ended March 31, 2019, was $11.3 million, or $0.82 per share, compared to a net loss of $10.4 million, or $1.03 per share, for the three months ended March 31, 2018.

About Avenue Therapeutics

Avenue is a specialty pharmaceutical company focused on the development and commercialization of IV tramadol for the management of moderate to moderately severe post-operative pain. IV tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue is currently evaluating IV tramadol in a pivotal Phase 3 program for the management of post-operative pain. Avenue is headquartered in New York City and was founded by Fortress Biotech, Inc. (NASDAQ: FBIO). For more information, visit www.avenuetx.com.

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, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and 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 value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; 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; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. 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 by law.

Contacts:
Jaclyn Jaffe and William Begien
Avenue Therapeutics, Inc.
[phone]
[e-mail]

[conix]

Mustang Bio Announces Full Exercise of Option

Date: 05-08-2019



NEW YORK, May 08, 2019 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases, today announced that the underwriters of its recent public offering of common stock have exercised in full their option and purchased an additional 1,031,250 shares at the public offering price of $4.00 per share. The exercise of the underwriters' option closed on May 8, 2019, with all of the option shares sold by Mustang. After giving effect to the sale of the option shares, a total of 7,906,250 shares of common stock were offered and sold in the offering.

On April 30, 2019, Mustang priced its public offering of 6,875,000 shares of common stock at $4.00 per share. Following the closing of the exercise of the underwriters' option, Mustang has received aggregate gross proceeds, before deducting underwriting discounts and commissions and offering expenses, of approximately $31.6 million.

Cantor Fitzgerald & Co. acted as lead book running manager for the offering. Oppenheimer & Co. Inc. acted as book running manager, and H.C. Wainwright & Co. and Roth Capital Partners acted as co-managers for the offering.

Mustang intends to use the net proceeds from the offering primarily for the continued development of its product candidates, the potential in-license, acquisition, development and commercialization of other pharmaceutical products and for general corporate purposes.

A shelf registration statement on Form S-3 (File. No. 333-226175) (the “Registration Statement”) relating to the shares of common stock being offered was filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective on July 27, 2018. Copies of the prospectus supplement and accompanying prospectus, may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by e-mail at [e-mail]; or the on the SEC’s website at http://www.sec.gov.

The offering was made only by means of a prospectus. A final prospectus supplement to the base prospectus describing the terms of the offering was filed with the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted.

About Mustang Bio

Mustang Bio, Inc. (“Mustang”) is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR T and CRISPR/Cas9-enhanced CAR T therapies across multiple cancers, as well as a lentiviral gene therapy for XSCID. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. Mustang was founded by Fortress Biotech, Inc. (NASDAQ: FBIO).

[conix]

Chart of FBIO

[swampboots]

Nobody dancing the waves?

[ClayTrader]

* * $FBIO Video Chart 04-22-2019 * *

Link to Video - click here to watch the technical chart video

[ClayTrader]

* * $FBIO Video Chart 04-18-2019 * *

Link to Video - click here to watch the technical chart video

[conix]

Mustang Bio Announces $20 Million Venture Debt Financing Agreement with Horizon Technology Finance


NEW YORK, April 01, 2019 (GLOBE NEWSWIRE) -- Mustang Bio, Inc. (“Mustang”) (NASDAQ: MBIO), a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases, today announced that it has entered into a $20 million debt financing agreement with Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services and cleantech industries.

Fifteen million of the $20 million loan was funded upon closing. The remaining $5 million may be funded upon Mustang achieving certain predetermined milestones. Each advance of the loan will be repaid in 42 monthly payments consisting of 18 monthly payments of interest only, followed by 24 monthly payments of principal and accrued interest, and will be payable monthly in arrears. The interest-only period may be extended to 24 months contingent upon Mustang achieving certain milestones. In connection with the debt financing, Mustang issued Horizon warrants to purchase up to 288,184 of its common shares at an exercise price of $3.47 per share.

“This financing provides Mustang with additional working capital to continue to develop our gene and cell therapies in our cell processing facility in Worcester, Mass., with the goal of bringing potentially life-saving treatments to patients in need,” said Manuel Litchman, M.D., President and Chief Executive Office of Mustang. “We are pleased to partner with Horizon, a leading specialty finance company that has an extensive history of supporting innovative life science companies."

Gerald A. Michaud, President of Horizon, stated, “We are delighted to provide this significant loan for Mustang Bio, an exciting company with promising treatments for cancer and rare genetic diseases. With Mustang Bio’s pipeline of cell and gene therapies, the company is poised for success as it works to commercialize its product pipeline.”

Torreya Partners served as financial advisor to Mustang in conjunction with this transaction.

About Mustang Bio
Mustang Bio, Inc. (“Mustang”) is a clinical-stage biopharmaceutical company focused on translating today’s medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases. Mustang aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest, to fund research and development, and to outlicense or bring the technologies to market. Mustang has partnered with top medical institutions to advance the development of CAR T and CRISPR/Cas9-enhanced CAR T therapies across multiple cancers, as well as a lentiviral gene therapy for X­SCID. Mustang is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission. Mustang was founded by Fortress Biotech, Inc. (NASDAQ: FBIO). For more information, visit www.mustangbio.com.

About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California, Reston, Virginia and Boston, Massachusetts. To learn more, please visit www.horizontechfinance.com.

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, each as amended. Such statements include, but are not limited to, any statements relating to our growth strategy and 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 value. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; risks relating to the timing of starting and completing clinical trials; 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; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. 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 by law.

Company Contacts:
Jaclyn Jaffe and William Begien
Mustang Bio, Inc.
[phone]
[e-mail]

Investor Relations Contact:
Daniel Ferry
LifeSci Advisors, LLC
[phone]
[e-mail]

Media Relations Contact:
Tony Plohoros
6 Degrees
[phone]
[e-mail]

[conix]

Avenue Therapeutics Reports Full Year 2018 Financial Results and Recent Corporate Highlights

-- Expects to Report Topline Data from Phase 3 Trial of IV Tramadol in Patients Following Abdominoplasty Surgery in mid-2019 --



NEW YORK, March 12, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a company focused on the development of intravenous (“IV”) tramadol for the U.S. market, today reported financial results and recent corporate highlights for the year ended December 31, 2018.

“2018 was an exciting year for Avenue. We announced positive data from our first pivotal Phase 3 trial evaluating IV tramadol in patients following bunionectomy surgery in May, and signed a two-stage equity investment and contingent acquisition agreement with InvaGen Pharmaceuticals Inc. (“InvaGen”), a subsidiary of Cipla Limited, in November,” said Lucy Lu, MD, Avenue’s President and Chief Executive Officer. “The first stage of the transaction closed in February of 2019 and we look forward to reporting topline data from our second Phase 3 trial in patients following abdominoplasty surgery in the coming months.”

2018 and Recent Corporate Highlights:

In May 2018, we announced that our first pivotal Phase 3 trial of IV tramadol achieved the primary endpoint of a statistically significant improvement in Sum of Pain Intensity Difference over 48 hours compared to placebo in patients with moderate to moderately severe postoperative pain following bunionectomy surgery. In addition, the trial met its key secondary endpoints and demonstrated a clear dose response.
In November 2018, we announced definitive agreements regarding an equity investment and contingent acquisition of Avenue by InvaGen, a subsidiary of Cipla Limited, a leading pharmaceutical company. The first stage of the transaction closed in February 2019, and InvaGen acquired 5,833,333 shares of our common stock at $6.00 per share for total gross proceeds of $35.0 million, representing a 33.3% stake in Avenue’s capital stock on a fully diluted basis.
In December 2018, we announced that the first patient has been dosed in a pivotal Phase 3 clinical trial of IV tramadol for the management of moderate to moderately severe pain in patients following abdominoplasty surgery. Topline data is expected to be available in mid-2019.

2018 Financial Results:

Cash Position: As of December 31, 2018, our cash and short-term investments totaled $2.7 million, compared to $21.8 million at December 31, 2017, a decrease of $19.1 million. However, on February 8, 2019, we completed the first stage of the Acquisition agreement and we sold 5,833,333 shares of our common stock to InvaGen for total gross proceeds of $35.0 million.
R&D Expenses: Research and development expenses for the full year 2018 were $17.7 million, compared to $6.7 million in 2017. This increase of $11.0 million was primarily attributable to the completion of our bunionectomy study, continuation of our safety study and the initiation of our abdominoplasty study.
G&A Expenses: General and administrative expenses for the full year 2018 were $4.1 million, compared to $3.6 million in 2017. This increase of $0.5 million was primarily attributable to increases in legal costs and other professional fees partially offset by non-cash stock compensation expenses.
Net Loss: Net loss attributable to common stockholders for the full year 2018 was $21.5 million, or $2.10 per share, compared to a net loss of $12.3 million, or $1.85 per share, in 2017.

About Avenue Therapeutics
Avenue, a company founded by Fortress Biotech, is a specialty pharmaceutical company focused on the development and commercialization of IV Tramadol for the management of moderate to moderately severe post-operative pain. IV Tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue is currently evaluating IV Tramadol in a pivotal Phase 3 program for the management of post-operative pain. Avenue is headquartered in New York City. For more information, visit www.avenuetx.com.

About Fortress Biotech

Fortress Biotech, Inc. (“Fortress”) (NASDAQ: FBIO) is an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential clinical-stage assets. The company has over 25 programs in clinical development at Fortress, at its majority-owned and majority-controlled subsidiaries and at entities it founded and in which it holds significant minority ownership positions. Such product candidates span six large-market therapeutic areas, including oncology, rare diseases and gene therapy, which allow it to create value while mitigating risk 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 Alexion Pharmaceuticals, Inc., City of Hope, Fred Hutchinson Cancer Research Center, InvaGen Pharmaceuticals, Inc. (a subsidiary of Cipla Limited), St. Jude Children’s Research Hospital and UCL Business PLC. For more information, visit www.fortressbiotech.com.

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FBIO Chart

[phil anthropist]

Sharp people running FBIO. Been loading for a while. Can't figure why stock is down so far from 5/18. Regardless, IMO buying opportunity still is there.

[conix]

Avenue Therapeutics Announces First Stage Closing of its Acquisition Agreement with InvaGen (a Cipla subsidiary)

GlobeNewswire•February 11, 2019

NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (ATXI) (“Avenue”), a Fortress Biotech (FBIO) company, today announced the completion of the first stage closing of the Acquisition Agreement previously announced on November 13, 2018 with InvaGen Pharmaceuticals, Inc. (“InvaGen”), a subsidiary of the leading global pharmaceutical company Cipla Limited. The Acquisition Agreement has been approved by a majority of Avenue’s stockholders, including a majority of its non-affiliated stockholders, at its shareholder meeting on February 6, 2019. InvaGen has acquired 5,833,333 shares of Avenue’s common stock at $6.00 per share for total consideration of $35 million, representing a 33.3% stake in Avenue’s capital stock on a fully diluted basis.

About Avenue Therapeutics:

Avenue, a Fortress Biotech company, is a specialty pharmaceutical company focused on the development and commercialization of intravenous (IV) Tramadol for the management of moderate to moderately severe post-operative pain. IV Tramadol may fill a gap in the acute pain market between IV acetaminophen/NSAIDs and IV conventional narcotics. Avenue is currently evaluating IV Tramadol in a pivotal Phase 3 program for the management of post-operative pain. Avenue is headquartered in New York City. For more information, visit www.avenuetx.com.

Avenue Contact:
Jaclyn Jaffe
Avenue Therapeutics, Inc.
[phone]
[e-mail]

About Fortress Biotech:

Fortress Biotech is an innovative biopharmaceutical company focused on identifying, in-licensing and developing high-potential clinical-stage assets. The company has over 25 programs in clinical development at Fortress, at its majority-owned and majority-controlled subsidiaries and at entities it founded and in which it holds significant minority ownership positions. Such product candidates span six large-market therapeutic areas, including oncology, rare diseases and gene therapy, which allow it to create value while mitigating risk 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 Alexion Pharmaceuticals, Inc., City of Hope, Fred Hutchinson Cancer Research Center, InvaGen Pharmaceuticals, Inc. (a subsidiary of Cipla Limited), St. Jude Children’s Research Hospital and UCL Business PLC. For more information, visit www.fortressbiotech.com.

About Cipla Limited:

Established in 1935, Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics, and deepening portfolio in our home markets of India, South Africa, North America, and key regulated and emerging markets. Our strengths in the respiratory, anti-retroviral, urology, cardiology and CNS segments are well-known. Our 44 manufacturing sites around the world produce 50+ dosage forms and 1,500+ products using cutting-edge technology platforms to cater to our 80+ markets. Cipla is ranked 3rd largest in pharma in India (IQVIA MAT Dec’18), 3rd largest in the pharma private market in South Africa (IQVIA YTD Dec’18), and is among the most dispensed generic players in the US. For over eight decades, making a difference to patients has inspired every aspect of Cipla’s work. Our paradigm-changing offer of a triple anti-retroviral therapy in HIV/AIDS at less than a dollar a day in Africa in 2001 is widely acknowledged as having contributed to bringing inclusiveness, accessibility and affordability to the centre of the movement. A responsible corporate citizen, Cipla’s humanitarian approach to healthcare in pursuit of its purpose of ‘Caring for Life’ and deep-rooted community links wherever it is present make it a partner of choice to global health bodies, peers and all stakeholders. For more, please visit www.cipla.com, or click on Twitter, Facebook, LinkedIn.

[ClayTrader]

* * $FBIO Video Chart 01-31-2019 * *

Link to Video - click here to watch the technical chart video

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FBIO Chart

[Awl416]

PM mover

[ClayTrader]

* * $FBIO Video Chart 12-21-18 * *

Link to Video - click here to watch the technical chart video

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FBIO chart

[Tranquilzoo16]

What happened in March of this year that made this stock tank?

[ClayTrader]

* * $FBIO Video Chart 12-29-16 * *

Link to Video - click here to watch the technical chart video

[trendmkr]

Fortress Biotech Inc (NASDAQ:FBIO) Spike: Is It Deserved, And What’s Next? http://marketexclusive.com/fortress-biotech-inc-nasdaqfbio-spike-deserved-whats-next/55415/?icd1

[TheFinalCD]

News Alert: Fortress Biotech Announces Publication on MB-101 (IL13Ra2-specific CAR T cells) for the Treatment of Glioblastoma in New...