Fortress Biotech offers additional shares of 9.375% $25-par series A perpetual preferred stock

By Cristal Cody

Tupelo, Miss., Nov. 12 – Fortress Biotech, Inc. is marketing a registered add-on to its 9.375% $25-par series A perpetual preferred stock on Tuesday, according to a 424B5 filing with the Securities and Exchange Commission.

The Benchmark Co. and ThinkEquity are the bookrunners. Dawson James Securities, Inc. is the co-manager.

The notes were last reported traded under the symbol “FBIOP” on the Nasdaq Capital Market on Monday at $21.04 a share.

The securities will have the same terms as the 1,039,292 currently outstanding shares of the series A preferred stock.

The securities 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 and registered to sell up to $26 million more of the shares on April 5, 2018 at the same terms.

Proceeds from the latest reopening 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.

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