On July 17, Fortress Biotech announced that its wholly-owned subsidiary, Altamira Bio, had acquired from New Zealand Pharmaceuticals Ltd a license from the National Institutes of Health (NIH) and Cooperative Research and Development Agreements (CRADAs) for the development of oral N-acetyl-D-mannosamine (ManNAc), which is a key composite in the sialic biosynthetic pathway for the treatment of hyposialylation disorders. It is expected that ManNAc administration will supplement the genetic insufficiency to help affected patients normalize protein sialylation and retain their muscle strength. Of course, this is great news for the people who suffer from Hereditary Inclusion Body Myopathy (HIBM), and this is also great news for the shareholders of Fortress and its potential investors. The company will keep working with NIH scientists on bringing this potential therapy to patients, which will unlock a new revenue stream for the company.
The first quarter of 2015 was an eventful and productive quarter for Fortress Biotech, as the company secured six key licensing agreements and formed three new subsidiaries. We’ll now take a look at some financial figures that might be of interest for potential investors in the company. Fortress Biotech reported revenues of $500,000 for the first quarter of 2015, compared to no revenues in the same quarter a year ago. As of March 31, the company’s net cash and marketable securities amount to $68.9 million, compared to the $69.7 million figure reported at the end of the first quarter of 2014. Oddly, Fortress Biotech’s research and development expenses came to $1.6 million in the first quarter of the current year, while the company reported $4.5 million for the same quarter in 2014. At the same time, the company delivered a net loss of $12.1 million or $0.31 per share for the first quarter of 2015, compared to a net loss of $7.4 million or $0.21 per share reported in the first quarter of 2014. Within our database, Dr. Behzad Aghazadeh‘s venBIO Select Advisor is among the largest shareholders in Fortress Biotech Inc. (NASDAQ:FBIO), owning 600,000 shares.