Fortress Biotech to sell more cumulative perpetual preferred stock

By James McCandless

San Antonio, Aug. 24 – Fortress Biotech, Inc. plans to price more of its $25-par series A cumulative redeemable perpetual preferred stock with a dividend of 9.375%, according to a 424B5 filing with the Securities and Exchange Commission.

Benchmark Co. and ThinkEquity are the bookrunners.

Dividends are payable on the last day of each month.

The preferreds are redeemable on or after Dec. 15, 2022 at par. Prior to that, the preferreds are redeemable within 120 days after a change of control at par.

Fortress plans to use the proceeds for operations, including, but not limited to, general corporate purposes, which may include research and development expenditures, clinical trial expenditures, manufacture and supply of product, and working capital.

On Monday morning, preferreds, listed on the Nasdaq under the symbol “FBIOP,” were seen losing 3 cents to $19.20 on volume of about 7,000 shares.

Fortress is a New York-based biotechnology company.

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