Source: GlobesNewswire
Journey Medical Corporation (“Journey Medical”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, and a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO) (“Fortress”), today announced that it has launched an initial public offering of 3,200,000 shares of its common stock. In addition, Journey Medical expects to grant the underwriters a 30-day option to purchase up to an additional 480,000 shares of its common stock at the public offering price, less the underwriting discount. All of the shares of common stock are being offered by Journey Medical. The initial public offering price is expected to be between $10 and $12 per share. Journey Medical has applied to list its common stock on The Nasdaq Capital Market under the symbol “DERM.”
B. Riley Securities is acting as the sole book-running manager for the proposed offering. Roth Capital Partners is acting as a co-manager for the proposed offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.
A registration statement relating to the proposed sale of these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to this offering, when available, may be obtained from: B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209, by telephone: 703-312-9580, or by email at prospectuses@brileyfin.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.