Fortress Biotech (NASDAQ:FBIO) Stock Hits Multi-Year High On New Developments

Fortress Biotech (NASDAQ:FBIO) was one of the big movers last week and the stock ended the week with further gains on Friday jumping 11.50% to close at $5.78 a share.

FBIO has been on quite a tear this year up 41% this week and 186% for the year. 

Earlier in the week, Fortress Biotech (NASDAQ:FBIO) announced that its President, Chairman, and Chief Executive Officer Lindsay A. Rosenwald will participate in a key industry event, the 20th Annual Needham Virtual Healthcare Conference that will take place from April 12 to April 15. 

Rosenwald is scheduled to make the presentation on April 12 at 4:30 p.m. Eastern Time. FBIO will also take part in one on one meetings during the course of the conference. Interested investors can watch the presentation from Fortress Biotech in a webcast on the company’s website. 

In addition, Fortress Biotech’s partner, Journey Medical Corporation announced Monday that it signed an agreement with East West Bank with regards to a working capital line of credit. 

The line is worth as much as $7.5 million and was secured through the cash and receivables that the company has on its books. FBIO will pay 4.25% interest per year for a duration of 36 months. 

There has been another important development with regards to Journey Medical Corporation. Lastly, Earlier this month, Journey Medical reached an agreement to acquire Qbrezza from Dermira Inc. The transaction is expected to close early in the second quarter of this year. Qbrexza generated $24 million in net sales in the U.S. in 2020.

Fortress Biotech (NASDAQ:FBIO) has been on a roll. Keep it on your watchlist.

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