SCOTTSDALE, Ariz., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Journey Medical Corporation (NASDAQ: DERM) (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, and a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced the closing of its initial public offering of common stock of 3,520,000 shares at a public offering price of $10.00 per share, for gross proceeds of $35.2 million, before deducting underwriting discounts and offering expenses. All of the shares of common stock were offered by Journey Medical.
Journey Medical’s common stock is trading on the Nasdaq Capital Market under the ticker symbol “DERM.”
B. Riley Securities acted as the sole book-running manager for the offering. Roth Capital Partners acted as a co-manager for the offering. Alston & Bird LLP served as legal counsel to Journey Medical and McGuireWoods LLP served as legal counsel to the underwriters.
The Company expects to use the net proceeds from the sale of the shares for general corporate purposes, including working capital, research and development, payments for research and development – licenses acquired, sales and marketing activities, general administrative matters, operating expenses and capital expenditures. The Company may also use a portion of the net proceeds from the offering to acquire or invest in businesses, products, services or technologies.
The offering of these shares was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, by telephone: 703-312-9580, or by email at email@example.com.
The offering was made pursuant to a registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”). This registration statement relating to the offering was filed with the SEC and is available at the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Journey Medical Corporation
Journey Medical Corporation (“Journey Medical”) is a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions. The Journey Medical team is comprised of industry experts with extensive experience commercializing some of the most successful prescription dermatology brands. Journey Medical is located in Scottsdale, Arizona and is a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “we,” “us” and “our” refers to Journey. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results and financial condition. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; risks relating to the timing of starting and completing clinical trials; our dependence on third-party suppliers; risks relating to the COVID-19 outbreak and its potential impact on our employees’ and consultants’ ability to complete work in a timely manner and on our ability to obtain additional financing on favorable terms or at all; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; and competition. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
Jaclyn Jaffe and Bill Begien
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