Fortress Biotech, Inc. (NASDAQ:FBIO) Files An 8-K Other Events
Item 8.01
On March 23, 2020, Fortress Biotech, Inc. (“the Company”) announced that the Company’s Board of Directors approved a share repurchase program of the Company’s outstanding 9.375% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: FBIOP) (the “Preferred Stock”) in an aggregate amount of up to $5 million. Repurchases under the program may be made in the open market or through privately-negotiated transactions from time to time up until the earlier to occur of the repurchase of $5 million of the Company’s Preferred Stock or the close of trading on May 31, 2020, subject to applicable laws and regulations. The program may be amended, suspended or discontinued at any time and does not commit the Company to repurchase any shares of Preferred Stock. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated by reference herein.
(d) Exhibits.
The following exhibit is furnished herewith:
Fortress Biotech, Inc. Exhibit
EX-99.1 2 tm2013241d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 Fortress Biotech Announces Up to $5 Million Series A Cumulative Redeemable Perpetual Preferred Stock Repurchase Program New York,…
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About Fortress Biotech, Inc. (NASDAQ:FBIO)
Fortress Biotech, Inc., formerly Coronado Biosciences, Inc., is a biopharmaceutical company. The Company is involved in the development of immunotherapy agents for the treatment of autoimmune diseases and cancer. Its sole product candidate is CNDO-109. The Company is also focused on acquiring, developing and commercializing pharmaceutical and biotechnology products. The Company’s product, CNDO-109, is a lysate (disrupted Closteroviridae (CTV)-1 cells, cell membrane fragments, cell proteins and other cellular components) that activates donor Natural Killer (NK) cells. CTV-1 is a leukemic cell line re-classified as a T-cell acute lymphocytic leukemia (ALL). The Company holds the license to develop and commercialize CNDO-109 to activate NK cells for the treatment of cancer-related and other conditions, and a non-exclusive license to certain clinical data solely for use in the Investigational new drug (IND) for CNDO-109. The Company is conducting the Phase I clinical studies of CNDO-109.
