Fortress Biotech, Inc. (FBIO) saw its loss narrow to $11.98 million, or $0.30 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $12.20 million, or $0.31 a share.

Revenue during the quarter surged 6,670 percent to $44.68 million from $0.66 million in the previous year period.

Operating loss for the quarter was $17.58 million, compared with an operating loss of $15.09 million in the previous year period.

Dr. Lindsay A. Rosenwald, Fortress' chairman, president and chief executive officer, said, "Fortress had a strong start to 2017, with the launch of our subsidiaries Caelum Biosciences and Cyprium Therapeutics, which we believe strengthens our rare disease portfolio. Importantly, we announced a Cooperative Research and Development Agreement between Cyprium and the NICHD to advance the clinical development of Cyprium's Phase 3 candidate CUTX-101 in Menkes disease, a rare and devastating pediatric illness. We also reported that Caelum announced the dosing of the final patient in its Phase 1b study of CAEL-101 for the treatment of AL amyloidosis, a fatal orphan disease that affects organ function. In addition, our established subsidiaries continued to deliver on key milestones, including Mustang Bio raising a total of approximately $95.0 million in private placement financings to support its CAR T pipeline. We look forward to the continued clinical advancement of our Fortress Companies, and are evaluating opportunities to expand our portfolio through compelling new indications and in-licensing opportunities."