Fortress Biotech markets add-on to 9.375% $25-par series A perpetual preferred stock

By Cristal Cody

Tupelo, Miss., May 19 – Fortress Biotech, Inc. marketed an add-on to its 9.375% $25-par series A perpetual preferred stock (Nasdaq: FBIOP) on Tuesday, according to a 424B5 filing with the Securities and Exchange Commission.

The Benchmark Co. and ThinkEquity are the bookrunners.

The securities will have the same terms as the 2,054,917 currently outstanding shares of the series A preferred stock.

The preferreds are redeemable on or after Dec. 15, 2022 at par plus accrued dividends.

Fortress Biotech originally issued the preferreds in a $25 million offering at par on Nov. 14, 2017.

Proceeds will be used for operations, including general corporate purposes, research and development, clinical trials, manufacture and supply of product and working capital.

The biopharmaceutical company is based in New York.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.