Fortress Biotech

Last updated
Fortress Biotech Inc.
Company typePublic
Nasdaq:  FBIO
Russell 2000 Index component
Industry Biopharmaceuticals
Founded2006
FounderDr. Lindsay Allan Rosenwald
Headquarters
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)
Website www.fortressbiotech.com

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 Bay Harbor Islands, Florida. [1] [2] [3]

Contents

History

The company was founded in 2006 under the name Coronado Biosciences, initially as an oncology company. [4] [5] 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. [5] The company changed its name to Fortress Biotech in April 2015. [4]

In November 2019, Fortress Biotech was ranked number 10 in the 2019 Deloitte Technology Fast 500 annual rankings. [6] [7]

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). [4] [8] [9] [10]

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. [8] [11] [12]

Related Research Articles

<span class="mw-page-title-main">Astellas Pharma</span> Japanese pharmaceutical company

Astellas Pharma Inc. is a Japanese multinational pharmaceutical company, formed on 1 April 2005 from the merger of Yamanouchi Pharmaceutical Co., Ltd. and Fujisawa Pharmaceutical Co., Ltd.. On February 5, 2020, the company announced management changes effective from April 1, 2020.

Neurocrine Biosciences, Inc. is an American biopharmaceutical company founded in 1992. The company is headquartered in San Diego, California, and led by CEO Kevin Gorman. Neurocrine develops treatments for neurological and endocrine-related diseases and disorders. In 2017, the company's drug valbenazine (Ingrezza) was approved in the US to treat adults with tardive dyskinesia (TD).

John Mendlein is a biotech executive who has held leadership positions in biotech companies in Boston, San Diego and Toronto.

WuXi AppTec is a global pharmaceutical, biopharmaceutical, and medical device company.

<span class="mw-page-title-main">Cellectis</span> French biopharmaceutical company

Cellectis is a French biopharmaceutical company. It develops genome-edited chimeric antigen receptor T-cell technologies for cancer immunotherapy. It has offices in Paris, New York City, and Raleigh, North Carolina.

<span class="mw-page-title-main">Apricus Biosciences</span>

Apricus Biosciences, Inc. is a San Diego based biopharmaceutical company advancing innovative medicines in urology and rheumatology.

<span class="mw-page-title-main">Ohio bioscience sector</span> Significant economic sector in the state

The Ohio bioscience sector strength was ranked #4 among USA states in 2008 by Business Facilities magazine.

Atlas Venture is an early-stage venture capital firm that creates and invests in biotechnology startup companies in the U.S. Atlas is headquartered in Cambridge, Massachusetts, where the majority of its investments are located. Atlas raised its thirteenth fund totaling $450 million in March 2022, after raising its Opportunity Fund II totaling $300 million in September 2021.

Flexion Therapeutics is an American biopharmaceutical company based in Burlington, Massachusetts that is focused on the discovery, development and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis (OA), the most common form of arthritis.

Two River Group Holdings is a New York-based venture capital firm and merchant bank focused on the life science sector. It specializes in investments in life science, biotechnology, and in firms focused on developing preventive and therapeutic technologies for a broad spectrum of disease areas including oncology, cardiovascular disease, neurological disorders, and companion animal health care.

Alnylam Pharmaceuticals, Inc. is an American biopharmaceutical company focused on the discovery, development and commercialization of RNA interference (RNAi) therapeutics for genetically defined diseases. The company was founded in 2002 and is headquartered in Cambridge, Massachusetts. In 2016, Forbes included the company on its "100 Most Innovative Growth Companies" list.

Ambit was an American pharmaceutical company focused on development of kinase inhibitor therapeutics to treat a variety of human diseases. As of March 2014, the company was based in San Diego, California, and consisted of a single facility. Ambit made an initial public offering in May 2013, and was listed on the NASDAQ exchange under the symbol "AMBI". Ambit was acquired by Daiichi Sankyo in 2014 and is no longer traded on the NASDAQ exchange.

<span class="mw-page-title-main">Amicus Therapeutics</span> Pharmaceutical company

Amicus Therapeutics, Inc. is a public American biopharmaceutical company based in Philadelphia, PA. The company went public in 2007 under the NASDAQ trading symbol FOLD. This followed a 2006 planned offering and subsequent withdrawal, which would have established the trading symbol as AMTX Prior to their IPO, Amicus was funded by a variety of venture capital firms including Radius Ventures, Canaan Partners and New Enterprise Associates.

Biotechnology in India is a sunrise sector within the Indian economy. Agencies of the Government of India concerned with the biotechnology industry include the Department of Biotechnology and the proposed Biotechnology Regulatory Authority of India. As of 2022, the sector is valued at $80 billion. Biotechnology in India is in a growth phase and the sector is expected to be valued at $150 billion by 2025 and surpass $300 billion in value by 2030.

Roivant Sciences Ltd. is a healthcare company focused on applying technology to drug development and building subsidiary biotech and healthcare technology companies. It was founded in 2014 by Vivek Ramaswamy.

Foresite Capital is an American venture capital and growth equity firm headquartered in San Francisco. As of March 2021, the company had raised four funds: Foresite Capital Fund I, II, III, IV and V.

<span class="mw-page-title-main">Intellia Therapeutics</span> American biotechnology company

Intellia Therapeutics, Inc. is an American clinical-stage biotechnology company focused on developing novel, potentially curative therapeutics leveraging CRISPR-based technologies. The company's in vivo programs use intravenously administered CRISPR as the therapy, in which the company's proprietary delivery technology enables highly precise editing of disease-causing genes directly within specific target tissues. Intellia's ex vivo programs use CRISPR to create the therapy by using engineered human cells to treat cancer and autoimmune diseases.

<span class="mw-page-title-main">William Rastetter</span> American scientist, entrepreneur and venture capitalist

William H.Rastetter, a scientist, entrepreneur and venture capitalist, is the chair of Neurocrine Biosciences, of Fate Therapeutics, and of Daré Bioscience, Inc. in San Diego, California. He is a founding board member and investor in GRAIL, Inc. in Menlo Park, California, and served for a period as the company's interim CEO (2017) and chair (2017-2018). Rastetter is also a director of Regulus Therapeutics and Entos, Inc.. He was a partner in the venture firm Venrock (2006-2013), and a trustee at Caltech (2015-2018). He has served as a director (1998-2016) and as chair of Illumina (2005-2016). He advised SVB Leerink (2014-2019) and currently advises Illumina Ventures.

<span class="mw-page-title-main">Ultragenyx</span>

Ultragenyx is an American biopharmaceutical company involved in the research and development of novel products for treatment of rare and ultra-rare genetic diseases for which there are typically no approved treatments and high unmet medical need. The company works with multiple drug modalities including biologics, small molecule, gene therapies, and ASO and mRNAs in the disease categories of bone, endocrine, metabolic, muscle and CNS diseases.

BIOTECanada, or the Industrial Biotechnology Association of Canada, is a Canadian biotechnology industry association based in Ottawa, Ontario. It is an industry-funded membership organization composed of over 250 national and international pharmaceutical and gene therapy companies, medical device manufacturers, agricultural science businesses, law firms, academic institutions, research and development networks, advertising agencies, insurance companies and financial services firms.

References

  1. 1 2 "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. "Contact". Fortress Biotech, Inc. Retrieved 2022-07-20.
  4. 1 2 3 "Fortress Biotech: Highly Complex, Greatly Undervalued". Seeking Alpha . Retrieved 1 November 2018.
  5. 1 2 "Xconomy: NYC's Coronado Biosciences Plans Two Drug Trials, Wall Street Debut, and Boston Move". Xconomy. 21 July 2011. Retrieved 1 November 2018.
  6. "Fortress Biotech Ranked in Top 10 of Deloitte's 2019 Technology Fast 500™". BioSpace. Retrieved 2020-03-19.
  7. "Fortress Biotech Ranked in Top 10 of Deloitte's 2019 Technology Fast 500™". www.nasdaq.com. Retrieved 2020-03-19.
  8. 1 2 "Fortress and Aevitas Enter Sponsored Research Agreement with AAV Technology Expert". Rare Disease Report. Retrieved 1 November 2018.
  9. "Big apple-based biotech's new gene therapy subsidiary inks UNC licensing deals". American City Business Journals . Retrieved 1 November 2018.
  10. "Cincinnati Children's strikes deal with pharma firms". www.bizjournals.com. Retrieved 2020-01-23.
  11. "NASDAQ:FBIO - Stock Price, News, & Analysis for Fortress Biotech". pressoracle.com. Retrieved 1 November 2018.
  12. "Exelderm (Sulconazole): Side Effects, Interactions, Warning, Dosage & Uses". RxList . Retrieved 1 November 2018.