Fortress Biotech Reduces Total Debt and Enters into New $35 Million Term Loan with Oaktree with Maturity in 2027
Loan Agreement Announcement: Fortress Biotech has secured a new loan agreement for up to $50 million with Oaktree Capital Management, allowing them to repay a previous loan and providing financial flexibility for future business development activities.
Future Growth Potential: The company anticipates receiving multiple regulatory approvals within the next year, which could enhance its portfolio in various therapeutic areas including oncology and rare diseases.
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Fortress Biotech and Subsidiary Urica Therapeutics Report First Patient Doses in Crystalys Therapeutics' Global Phase 3 Trials of Dotinurad for Gout Treatment
Clinical Trials Initiation: Urica Therapeutics announced the dosing of first patients in two Phase 3 trials (RUBY and TOPAZ) for dotinurad, a new oral treatment for gout, aiming to evaluate its safety and efficacy compared to allopurinol.
Significance of Trials: The initiation of these trials is seen as a crucial step towards expediting the development and regulatory approval of dotinurad, addressing a significant unmet need for patients with gout who do not respond to existing treatments.
Company Background: Urica is a subsidiary of Fortress Biotech, which has a diverse portfolio of pharmaceutical products and is focused on enhancing shareholder value through various revenue streams, including royalties from products like dotinurad.
Gout Overview: Gout is a common and debilitating form of arthritis caused by excess uric acid, leading to painful joint inflammation, with a notable treatment gap for patients who fail to respond to first-line therapies.
Fortress Biotech and Urica Therapeutics Reveal $205 Million Series A Funding for Crystalys Therapeutics
Dotinurad Development: Dotinurad, a next-generation URAT1 inhibitor for gout treatment, is currently in two Phase 3 clinical trials and has shown promising safety and efficacy in multiple studies across Asia.
Transaction and Financing: Urica Therapeutics sold dotinurad to Crystalys Therapeutics in 2024, retaining an equity stake and a 3% royalty on future sales, while Crystalys secured $205 million in Series A financing to support the drug's global clinical studies.
Fortress Biotech Announces Closing of Sale of Subsidiary Checkpoint Therapeutics
Acquisition Announcement: Fortress Biotech's subsidiary, Checkpoint Therapeutics, has been acquired by Sun Pharmaceutical Industries for $4.10 per share, with potential additional payments based on the approval of their drug UNLOXCYT™ in Europe.
Financial Impact and Future Plans: Fortress will receive approximately $28 million from the deal and a 2.5% royalty on net sales of UNLOXCYT, while also focusing on advancing other products in its pipeline, including CUTX-101, which is awaiting FDA approval.
Fortress Biotech Reports First Quarter 2025 Financial Results and Recent Corporate Highlights
Commercial Launch and Acquisitions: Fortress Biotech has initiated the commercial launch of Emrosi™ for treating rosacea and announced the acquisition of its subsidiary Checkpoint Therapeutics by Sun Pharma, which is expected to enhance patient access and provide significant financial benefits.
Regulatory and Financial Updates: The FDA has accepted a priority review for CUTX-101 for Menkes disease with a goal date of September 30, 2025, while Fortress reported a consolidated cash increase to $91.3 million and a net loss of $12.7 million for Q1 2025.
Fortress Biotech and Cyprium Therapeutics Announce U.S. FDA Acceptance and Priority Review of NDA for CUTX-101 for Treatment of Menkes Disease
FDA Review and Milestones: The FDA has accepted the New Drug Application for CUTX-101, a treatment for Menkes disease, granting it Priority Review with a target action date of June 30, 2025. Cyprium Therapeutics is set to receive royalties and up to $129 million in development milestones from Sentynl Therapeutics, which is responsible for commercialization.
Clinical Efficacy: Clinical trials have shown that early treatment with CUTX-101 significantly improves survival rates in Menkes disease patients, reducing the risk of death by nearly 80% compared to untreated controls, highlighting its potential as the first FDA-approved therapy for this rare pediatric condition.
Fortress Biotech to Participate in October 2024 Investor Conferences
Upcoming Investor Conferences: Fortress Biotech's CEO, Dr. Lindsay A. Rosenwald, will participate in two investor conferences in October 2024, including a virtual fireside chat on October 1 and 1x1 meetings at the ROTH Healthcare Opportunities Conference on October 9.
Company Overview: Fortress Biotech is a biopharmaceutical company focused on enhancing shareholder value through product revenue and partnerships, with a diverse pipeline that includes seven marketed products and over 20 programs in development across various therapeutic areas.
Fortress Biotech and Subsidiary Urica Therapeutics Report First Patient Doses in Crystalys Therapeutics' Global Phase 3 Trials of Dotinurad for Gout Treatment
Clinical Trials Initiation: Urica Therapeutics announced the dosing of first patients in two Phase 3 trials (RUBY and TOPAZ) for dotinurad, a new oral treatment for gout, aiming to evaluate its safety and efficacy compared to allopurinol.
Significance of Trials: The initiation of these trials is seen as a crucial step towards expediting the development and regulatory approval of dotinurad, addressing a significant unmet need for patients with gout who do not respond to existing treatments.
Company Background: Urica is a subsidiary of Fortress Biotech, which has a diverse portfolio of pharmaceutical products and is focused on enhancing shareholder value through various revenue streams, including royalties from products like dotinurad.
Gout Overview: Gout is a common and debilitating form of arthritis caused by excess uric acid, leading to painful joint inflammation, with a notable treatment gap for patients who fail to respond to first-line therapies.
Fortress Biotech and Urica Therapeutics Reveal $205 Million Series A Funding for Crystalys Therapeutics
Dotinurad Development: Dotinurad, a next-generation URAT1 inhibitor for gout treatment, is currently in two Phase 3 clinical trials and has shown promising safety and efficacy in multiple studies across Asia.
Transaction and Financing: Urica Therapeutics sold dotinurad to Crystalys Therapeutics in 2024, retaining an equity stake and a 3% royalty on future sales, while Crystalys secured $205 million in Series A financing to support the drug's global clinical studies.
Fortress Biotech Announces Closing of Sale of Subsidiary Checkpoint Therapeutics
Acquisition Announcement: Fortress Biotech's subsidiary, Checkpoint Therapeutics, has been acquired by Sun Pharmaceutical Industries for $4.10 per share, with potential additional payments based on the approval of their drug UNLOXCYT™ in Europe.
Financial Impact and Future Plans: Fortress will receive approximately $28 million from the deal and a 2.5% royalty on net sales of UNLOXCYT, while also focusing on advancing other products in its pipeline, including CUTX-101, which is awaiting FDA approval.
Fortress Biotech Reports First Quarter 2025 Financial Results and Recent Corporate Highlights
Commercial Launch and Acquisitions: Fortress Biotech has initiated the commercial launch of Emrosi™ for treating rosacea and announced the acquisition of its subsidiary Checkpoint Therapeutics by Sun Pharma, which is expected to enhance patient access and provide significant financial benefits.
Regulatory and Financial Updates: The FDA has accepted a priority review for CUTX-101 for Menkes disease with a goal date of September 30, 2025, while Fortress reported a consolidated cash increase to $91.3 million and a net loss of $12.7 million for Q1 2025.
Fortress Biotech and Cyprium Therapeutics Announce U.S. FDA Acceptance and Priority Review of NDA for CUTX-101 for Treatment of Menkes Disease
FDA Review and Milestones: The FDA has accepted the New Drug Application for CUTX-101, a treatment for Menkes disease, granting it Priority Review with a target action date of June 30, 2025. Cyprium Therapeutics is set to receive royalties and up to $129 million in development milestones from Sentynl Therapeutics, which is responsible for commercialization.
Clinical Efficacy: Clinical trials have shown that early treatment with CUTX-101 significantly improves survival rates in Menkes disease patients, reducing the risk of death by nearly 80% compared to untreated controls, highlighting its potential as the first FDA-approved therapy for this rare pediatric condition.
Fortress Biotech to Participate in October 2024 Investor Conferences
Upcoming Investor Conferences: Fortress Biotech's CEO, Dr. Lindsay A. Rosenwald, will participate in two investor conferences in October 2024, including a virtual fireside chat on October 1 and 1x1 meetings at the ROTH Healthcare Opportunities Conference on October 9.
Company Overview: Fortress Biotech is a biopharmaceutical company focused on enhancing shareholder value through product revenue and partnerships, with a diverse pipeline that includes seven marketed products and over 20 programs in development across various therapeutic areas.
