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November 15 , 2021 FORTRESS BIOTECH Fortress Biotech Reports Record Third Quarter 2021 Financial Results and Recent Corporate Highlights Net revenue for third quarter of 2021 increased 123 % year - over - year to $ 21.1 million , a quarterly record Journey Medical Corporation , a Fortress partner company , launched its $ 35.2 million initial public offering AstraZeneca acquired Caelum Biosciences ; Fortress received $ 56.9 million upfront¹ Rolling NDA submission for CUTX - 101 for the treatment of Menkes disease is expected to be initiated in the fourth quarter of 2021 Top - line results from registration - enabling study of cosibelimab in metastatic cutaneous squamous cell carcinoma expected around year - end 2021 -- NEW YORK , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) Fortress Biotech , Inc. ( NASDAQ : FBIO ) ( " Fortress " ) , an innovative biopharmaceutical company focused on acquiring , developing and commercializing or monetizing promising biopharmaceutical products and product candidates cost - effectively , today announced financial results and recent corporate highlights for the third quarter ended September 30 , 2021 . Lindsay A. Rosenwald , M.D. , Fortress ' Chairman and Chief Executive Officer , said , " Fortress and our partner companies continue to achieve significant clinical and corporate milestones as we develop new treatment options for patients in need and create long - term value for our shareholders . We attained a new quarterly record for net revenue , $ 21.1 million , which is an increase of 123 % year - over - year . Journey Medical Corporation ( " Journey " ) , our partner company , launched its initial public offering ( " IPO " ) of 3,520,000 shares at $ 10.00 per share for gross proceeds of $ 35.2 million . Additionally , AstraZeneca's Alexion acquired Caelum Biosciences , Inc. ( " Caelum ” ) a company founded by Fortress , for an upfront payment of approximately $ 150 million paid to Caelum shareholders , of which approximately $ 56.9 million was paid to Fortress.1 The agreement also provides for additional contingent payments to Caelum stockholders totaling up to $ 350 million , payable upon the achievement of regulatory and commercial milestones . Fortress is eligible to receive 42.4 % of all proceeds from the transaction , totaling up to approximately $ 212 million . Our CAR T cell therapy portfolio continues to advance , with a $ 2 million grant awarded by the National Cancer