Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Activist Investor Paul Singer Ups His Stake In The Re-Branded Fortress Biotech Inc. (FBIO)

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.

Disclosure: None

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.