Fortress Biotech prices 3.3M shares at $3.33 in registered direct offering

Fortress Biotech entered into a definitive agreement for the issuance and sale of 3,303,305 shares of its common stock and warrants to purchase up to 3,303,305 shares of common stock at a combined offering price of $3.33 per share of common stock and accompanying warrant priced at-the-market under Nasdaq rules. The warrants have an exercise price of $3.21 per share, are immediately exercisable, and will expire five years following the date of issuance. The gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, are expected to be approximately $11M. Fortress expects to use the net proceeds from the offering for its operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, license or acquisition of new products, and working capital. Roth Capital Partners is acting as exclusive placement agent for the offering. The offering is expected to close on or about January 3, 2024, subject to the satisfaction of customary closing conditions.