Journey Medical Corporation (“Journey Medical”) (NADSAQ: DERM), a
partner company of Fortress Biotech, Inc. (NASDAQ: FBIO)
(“Fortress”), expanded the company’s board of directors as part of
its recent initial public offering to include four new independent
directors: Jeffrey Paley, M.D., Justin Smith, Miranda Toledano and
Neil Herskowitz. Lindsay Rosenwald, M.D., Executive Chairman, and
Claude Maraoui, President and Chief Executive Officer, remain on
the Board of Directors of Journey Medical.
Lindsay A. Rosenwald, M.D., Executive Chairman
of the Board of Directors of Journey Medical, said, “We are are
extremely proud to enhance Journey Medical’s board with these four
members who each joined with extensive financial and/or dermatology
expertise. Jeff, Justin, Miranda and Neil will provide invaluable
guidance and support to Journey Medical as we enter into a new
phase following our recent initial public offering. Journey Medical
remains focused on acquiring, developing and strategically
commercializing dermatology products. With an expanding sales
force, seven marketed products and one product candidate in
clinical development at Journey Medical, we are poised for growth
into the future with the addition of these four renowned experts to
our board.”
Dr. Paley has been an active clinician and
consultant in the healthcare industry for the past 25 years. He has
consulted for over 30 analysts and portfolio managers in the
biotechnology, pharmaceutical, specialty pharmaceutical and medical
technology arenas, reviewing the clinical, preclinical and
regulatory pedigrees of numerous therapeutics, devices and, in
particular, dermatology products. Prior to his work for the
buy-side, Dr. Paley consulted directly for several biotechnology
and specialty pharmaceutical companies. He has served as a director
of seven public and private healthcare companies. Dr. Paley trained
at Harvard Medical School and completed a residency in Internal
Medicine at Massachusetts General Hospital. He was selected to
serve on Journey Medical’s Board of Directors based on his
experience with dermatology products, medicine, clinical trials and
serving as a director of other public companies.
Mr. Smith is a founding partner at Skinbetter
Science, a leading global cosmetic technology development company,
integrated with one of the world’s fastest growing
physician-dispensed skincare brands, where he currently serves as
President. Prior to co-founding Skinbetter Science in 2013, Mr.
Smith held the position of Senior Vice President, General Manager
of the US Rx Dermatology Division of Bausch Health Companies, where
he led the sales and marketing efforts for the largest division of
the company through July 2013. He joined BHC through the
acquisition of Medicis Pharmaceutical Corp. in 2012. While at
Medicis, from 1998 to 2012, Mr. Smith held numerous progressive
positions in sales and marketing leadership, serving as Senior Vice
President, Marketing and was a member of the Chairman’s Committee
at the time of the acquisition of the company. He serves as a
member of the board of directors of DermaForce Partners, the parent
company of Skinbetter Science. Mr. Smith earned his B.B.A. in
marketing from James Madison University. He was selected to serve
on Journey Medical’s Board of Directors based on his dermatology
industry experience, in-depth understanding of Journey Medical’s
business and extensive management experience.
Ms. Toledano has over 20 years of
biotech-related principal investment, Wall Street, capital market,
and strategic experience. Since its inception in 2018, she has
served as Chief Operating Officer, Chief Financial Officer and
Director of TRIGR Therapeutics, an oncology-focused, clinical-stage
bispecific antibody company (acquired by Compass Therapeutics
(CMPX) in May 2021). Previously, Ms. Toledano served on the
executive management team of Sorrento Therapeutics as Executive
Vice President of Corporate Development, where she helped drive the
Company’s hematology/oncology (IO mAbs, ADC), cellular therapy
(CD-38 CAR-T, oncolytic virus) and pain franchises. From 2012 to
2016, Ms. Toledano served as Head of Healthcare Investment Banking
at MLV & Co. (acquired by B. Riley FBR & Co.), where she
completed biotech equity financings, including IPOs and follow-on
offerings, totaling over $4 billion in aggregate value. Prior to
joining MLV, from 2004 until 2010, Ms. Toledano served as a vice
president in the investment group of Royalty Pharma, where she
focused on oncology/hematology and auto-immune monoclonal antibody
investments. She also serves as Director, Chair of the Audit
Committee and Member of the Compensation Committee of Entera Bio
and as Director and Member of the Executive Committee of the Board
of Directors of Lipomedix Pharmaceuticals Ltd. From 1998 to 2003,
Ms. Toledano led the Life Sciences Corporate Finance group at Ernst
& Young (Israel). She holds a B.A. in Economics from Tufts
University and an M.B.A. in Finance and Entrepreneurship from the
NYU Stern School of Business. Ms. Toledano was selected to serve on
Journey Medical’s Board of Directors based on her financial and
healthcare industry experience, as well as her in-depth
understanding of Journey Medical’s business.
Since 1998, Mr. Herskowitz has served as the
managing member of the ReGen Group of companies, located in New
York, which includes ReGen Capital Investments LLC and Riverside
Claims Investments LLC. Mr. Herskowitz has been President of
Riverside Claims Investment’s affiliate, Riverside Claims LLC,
since June 2004. In addition, Mr. Herskowitz serves as Director and
Chair of the Audit Committee of Checkpoint Therapeutics, Inc., and
is a Director of Avenue Therapeutics, Inc., and Mustang Bio, Inc.
Mr. Herskowitz is also Chairman of the Board of Directors of
Starting Point Services for Children, a not-for-profit corporation.
Mr. Herskowitz received a B.B.A. in Finance from Bernard M. Baruch
College in 1978. Mr. Herskowitz was selected to join Journey
Medical’s Board of Directors based on his financial industry
experience and in-depth understanding of Journey Medical’s
business.
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.
About Fortress Biotech Fortress
Biotech, Inc. (“Fortress”) is an innovative biopharmaceutical
company that was ranked in Deloitte’s 2019 and 2020 Technology Fast
500™, annual rankings of the fastest-growing North American
companies in the technology, media, telecommunications, life
sciences and energy tech sectors, based on percentages of fiscal
year revenue growth over three-year periods. Fortress is focused on
acquiring, developing and commercializing high-potential marketed
and development-stage drugs and drug candidates. The company has
seven marketed prescription pharmaceutical products and over 25
programs in development at Fortress, at its majority-owned and
majority-controlled partners and at partners it founded and in
which it holds significant minority ownership positions. Such
product candidates span six large-market areas, including oncology,
rare diseases and gene therapy, which allow it to create value for
shareholders. Fortress advances its diversified pipeline through a
streamlined operating structure that fosters efficient drug
development. The Fortress model is driven by a world-class business
development team that is focused on leveraging its significant
biopharmaceutical industry expertise to further expand the
company’s portfolio of product opportunities. Fortress has
established partnerships with some of the world’s leading academic
research institutions and biopharmaceutical companies to maximize
each opportunity to its full potential, including AstraZeneca plc,
City of Hope, Fred Hutchinson Cancer Research Center, St. Jude
Children’s Research Hospital, Nationwide Children’s Hospital and
Sentynl Therapeutics, Inc. For more information, visit
www.fortressbiotech.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” may refer to Fortress individually or together with one or
more partner companies, as dictated by context. 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. 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, financial condition and stock price.
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; as well as other risks
described in our SEC filings. 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
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