Fortress Biotech, Inc. (FBIO) saw its loss narrow to $12.98 million, or $0.32 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $18.16 million, or $0.46 a share. Revenue during the quarter surged 3,800 percent to $0.98 million from $0.02 million in the previous year period.
Operating loss for the quarter was $16.25 million, compared with an operating loss of $18.07 million in the previous year period.
Dr. Lindsay A. Rosenwald, chairman, president and chief executive officer of Fortress, said, "We recently launched our seventh Fortress Company, Cellvation, based on compelling science from The University of Texas Health Science Center at Houston in traumatic brain injury, an area of great unmet need, including two Phase 2 cell therapy programs. In addition, the clinical oncology pipeline of our Fortress Companies continues to grow, with the initiation of Checkpoint's Phase 1/2 study of its EGFR inhibitor CK-101. In September, Fortress, through its subsidiary FBIO Acquisition, Inc., closed its tender offer for shares of National Holdings Corporation. We believe that as Fortress and National leverage their synergies, growth opportunities will be created for both companies."
Working capital increases marginally
Fortress Biotech, Inc. has recorded an increase in the working capital over the last year. It stood at $59.99 million as at Sep. 30, 2016, up 3.15 percent or $1.83 million from $58.16 million on Sep. 30, 2015. Current ratio was at 2.55 as on Sep. 30, 2016, down from 7.88 on Sep. 30, 2015.
Debt moves up
Fortress Biotech, Inc. has witnessed an increase in total debt over the last one year. It stood at $27.40 million as on Sep. 30, 2016, up 17.66 percent or $4.11 million from $23.29 million on Sep. 30, 2015. Total debt was 18.84 percent of total assets as on Sep. 30, 2016, compared with 26.81 percent on Sep. 30, 2015. Debt to equity ratio was at 0.37 as on Sep. 30, 2016, down from 0.42 as on Sep. 30, 2015.
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