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Fortress Biotech (NASDAQ:FBIO)'s Chairman and CEO, Dr. Lindsay (NYSE:LNN) A. Rosenwald, expressed optimism about the vaccine's role in preventing and treating CMV in the future. While analysts anticipate a sales decline in the current year, the company appears undervalued based on InvestingPro's Fair Value analysis. The company's strategy focuses on acquiring and advancing assets to enhance shareholder value through product revenue and partnerships.This news is based on a press release statement from Fortress Biotech, Inc. and Helocyte, Inc.
CMV reactivation is a significant post-transplant complication, affecting 60-70% of seropositive HSCT recipients, with primary infection occurring in 20-30% of seronegative recipients receiving transplants from seropositive donors. Triplex is designed to induce CMV-specific T cell immunity in donors, which is then transferred to the transplant recipients, potentially reducing the need for antiviral medications post-transplant.
The randomized, placebo-controlled trial will evaluate the safety and efficacy of Triplex in reducing CMV events in HSCT recipients. The trial builds on a pilot study that showed promising safety and immunological response results. The study is being conducted at three nationally recognized transplant centers in the United States.
Fortress Biotech's Chairman and CEO, Dr. Lindsay A. Rosenwald, expressed optimism about the vaccine's role in preventing and treating CMV in the future. While analysts anticipate a sales decline in the current year, the company appears undervalued based on InvestingPro's Fair Value analysis. The company's strategy focuses on acquiring and advancing assets to enhance shareholder value through product revenue and partnerships.This news is based on a press release statement from Fortress Biotech, Inc. and Helocyte, Inc.
Triplex, developed by City of Hope and licensed to Helocyte, has completed Phase 1 and Phase 2 studies, demonstrating tolerability and high immunogenicity. It is currently the subject of multiple ongoing clinical trials across various transplant and HIV-1 settings.
Fortress Biotech's Chairman and CEO, Dr. Lindsay A. Rosenwald, expressed optimism about the vaccine's role in preventing and treating CMV in the future. The company's strategy focuses on acquiring and advancing assets to enhance shareholder value through product revenue and partnerships.
This news is based on a press release statement from Fortress Biotech, Inc. and Helocyte, Inc.
In other recent news, Fortress Biotech has witnessed significant developments in its subsidiaries. The U.S. Food and Drug Administration (FDA) has extended the review period for the New Drug Application (NDA) of CUTX-101, a potential treatment for Menkes disease, developed by Cyprium Therapeutics, a Fortress Biotech subsidiary. In other news, Mustang Bio (NASDAQ:MBIO), another subsidiary, announced a 1-for-50 reverse stock split of its common stock.
Meanwhile, Checkpoint Therapeutics (NASDAQ:CKPT), another subsidiary, has received FDA approval for UNLOXCYT™, a drug designed to treat advanced stages of cutaneous squamous cell carcinoma. On the financial front, Fortress Biotech reported a GAAP EPS of ($0.76) for the third quarter, which was better than the analysts' estimate of ($1.49). However, the revenue for the quarter fell short of the estimated $16.28 million.
In response to these developments, H.C. Wainwright maintained a Buy rating on the stock and increased the price target from $24 to $26. Additionally, Fortress Biotech secured approximately $8 million from stock sales and private placements and entered into a $50 million loan agreement with Oaktree Capital Management. These are the recent developments from Fortress Biotech and its subsidiaries.
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