Fortress Biotech Inc FBIO:NASDAQ

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Journey Medical Corp. Prices IPO at $10 Per Share

7:52AM ET 11/12/2021 MT Newswires
Journey Medical Corp., a subsidiary of Fortress Biotech (FBIO), on Friday priced its initial public offering of about 3.52 million common shares at $10 apiece for expected gross proceeds of $35.2 million.

Underwriters have been granted a 30-day option to buy up to 528,000 additional common shares.

The shares are expected to begin trading on the Nasdaq Capital Market this Friday under the ticker symbol, "DERM."

The IPO is expected to close on Nov. 16. Net proceeds, which are estimated to be about $31.4 million, will be used for general corporate purposes, including working capital, research and development, as well as for capital expenditures. A portion of the proceeds may also be used to acquire or invest in businesses, products, services or technologies, according to a statement.