Journey Medical Corporation Prices $35.2 Million Initial Public Offering
November 12 2021 - 6:00AM
Journey Medical Corporation (NASDAQ: DERM) (“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
the pricing of its initial public offering of common stock.
Journey Medical’s pricing of its underwritten
public offering consisted of 3,520,000 shares of its common stock
at a price to the public of $10 per share for gross proceeds to
Journey Medical of $35.2 million. Journey Medical expects to
receive approximately $31.4 million in net proceeds from the
offering, after deducting underwriting commissions and estimated
offering expenses. Journey Medical also has granted the
underwriters a 30-day option to purchase up to 528,000 additional
shares of common stock, at the public offering price, less the
underwriting discount, to cover over-allotments, if any. All of the
shares of common stock are being offered by Journey Medical.
Journey Medical’s common stock is expected to
begin trading on the Nasdaq Capital Market on November 12, 2021
under the ticker symbol “DERM.” The offering is expected to close
on November 16, 2021, subject to customary closing conditions.
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 Company expects to use the net proceeds from
the sale of the shares for general corporate purposes, including
working capital, research and development, payments for research
and development – licenses acquired, sales and marketing
activities, general administrative matters, operating expenses and
capital expenditures. The Company may also use a portion of the net
proceeds from the offering to acquire or invest in businesses,
products, services or technologies.
The offering of these shares will be made only
by means of a prospectus. Copies of the final 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.
The offering is being made pursuant to a
registration statement previously filed with and subsequently
declared effective by the Securities and Exchange Commission (the
“SEC”). This registration statement relating to the offering was
filed with the SEC and is available at the SEC's website at
http://www.sec.gov.
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.
About Journey Medical
CorporationJourney Medical Corporation (“Journey Medical”)
is a commercial-stage pharmaceutical company that focuses on the
development and commercialization of pharmaceutical products for
the treatment of dermatological conditions. The Journey Medical
team is comprised of industry experts with extensive experience
commercializing some of the most successful prescription
dermatology brands. Journey Medical is located in Scottsdale,
Arizona and is a subsidiary of Fortress Biotech, Inc. (NASDAQ:
FBIO). For additional information about Journey Medical, visit
www.journeymedicalcorp.com.
Forward-Looking StatementsThis
press release may contain “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended. As used
below and throughout this press release, the words “we,” “us” and
“our” refers to Journey. Such statements include, but are not
limited to, any statements relating to our growth strategy and
product development programs and any other statements that are not
historical facts, and statements related to the completion and
timing of the closing of the offering of securities in our initial
public offering and the commencement of trading on the Nasdaq
Capital Market. Forward-looking statements are based on
management’s current expectations and are subject to risks and
uncertainties that could negatively affect our business, operating
results and financial condition. Factors that could cause actual
results to differ materially from those currently anticipated
include: risks relating to our growth strategy; our ability to
obtain, perform under and maintain financing and strategic
agreements and relationships; risks relating to the results of
research and development activities; uncertainties relating to
preclinical and clinical testing; risks relating to the timing of
starting and completing clinical trials; our dependence on
third-party suppliers; risks relating to the COVID-19 outbreak and
its potential impact on our employees’ and consultants’ ability to
complete work in a timely manner and on our ability to obtain
additional financing on favorable terms or at all; our ability to
attract, integrate and retain key personnel; the early stage of
products under development; our need for substantial additional
funds; government regulation; patent and intellectual property
matters; competition; and market conditions and satisfaction of
customary closing conditions related to the proposed initial public
offering. We expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in our
expectations or any changes in events, conditions or circumstances
on which any such statement is based, except as may be required by
law, and we claim the protection of the safe harbor for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The information contained herein is
intended to be reviewed in its totality, and any stipulations,
conditions or provisos that apply to a given piece of information
in one part of this press release should be read as applying
mutatis mutandis to every other instance of such information
appearing herein.
Company Contacts:Jaclyn Jaffe
and Bill Begien(781) 652-4500ir@jmcderm.com
Media Relations Contact:Tony
Plohoros6 Degrees(908)
591-2839tplohoros@6degreespr.com
Journey Medical (NASDAQ:DERM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Journey Medical (NASDAQ:DERM)
Historical Stock Chart
From Jul 2023 to Jul 2024