Fortress Biotech Announces Pricing Of Series A Preferred Stock Offering

NEW YORK, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Fortress Biotech, Inc. (Nasdaq:FBIO) (“Fortress”), a biopharmaceutical company dedicated to acquiring, developing and commercializing novel pharmaceutical and biotechnology products, today announced that it has priced an underwritten public offering of one million shares of its 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock at a price of $25.00 per share, with expected gross proceeds to Fortress of $25 million. In addition, Fortress has granted the underwriters a 30-day option to purchase up to 150,000 additional shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on November 14, 2017, subject to customary closing conditions. The Series A Preferred Stock has received an “A-” investment-grade rating from Egan-Jones Rating Co., an independent, unaffiliated rating agency.

B. Riley FBR, Inc. is acting as lead manager and joint bookrunner for the offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (Nasdaq:NHLD) and H.C. Wainwright & Co., LLC are acting as joint bookrunners for the offering. 

Fortress intends to use the net proceeds from the public offering for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, repayment of existing debt and working capital.

The offering is being made by Fortress pursuant to an effective shelf registration statement on Form S-3 (File 333-213199) previously filed with the Securities Exchange Commission (“SEC”). The offering is being made only by means of a written prospectus and related prospectus supplement that form a part of the registration statement. A copy of the final prospectus supplement and accompanying prospectus related to this offering may be obtained from any of the underwriters, including the offices of B. Riley FBR, Inc., Attn: Syndicate Prospectus Department, 1300 North 17th Street, Suite 1400, Arlington, VA 22209; Phone: (800) 846-5050; Email:

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